Exercise 9-22The records of Marigold's Boutique report the following data for the month of April.Sales revenue$89,500Purchases (at cost)Purchases (at sales price)Purchase returns (at cost)$49,400Sales returns1,90095,900MarkupsMarkup cancellations10,5001,9001,600Purchase returns (at sales price)2,900MarkdownsBeginning inventory (at cost)Beginning inventory (at sales price)8,70028,799Markdown cancellations2,70046,400Freight on purchases2,300Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)Ending inventory using conventional retail inventory methodClick if you would like to Show Work for this question: Open Show Work

Name: Exercise 9-22The records of Marigold's Boutique report the following
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Description: Exercise 9-22The records of Marigold's Boutique report the following data for the month of April.Sales revenue$89,500Purchases (at cost)Purchases (at sales price)Purchase returns (at cost)$49,400Sales returns1,90095,900MarkupsMarkup cancellations10,

Cost to retail ratio = $78,599 / $148,300 = 53%

Business

Accounting

The records of Marigold's Boutique report the following data for the month of April. $89,500 Purchases (at cost) Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning inventory (at cost) Sales revenue $49,400 95,900 1,900 2,900 Sales returns 1,900 Markups 10,500 Markup cancellations 1,600 Markdowns 8,700 28,799 Markdown cancellations 2,700 Beginning inventory (at sales price) 46,400 Freight on purchases 2,300 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to o decimal places, e.g. 786 and final answer to o decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method

The records of Marigold's Boutique report the following data for the month of April. $89,500 Purchases (at cost) Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning inventory (at cost) Sales revenue $49,400 95,900 1,900 2,900 Sales returns 1,900 Markups 10,500 Markup cancellations 1,600 Markdowns 8,700 28,799 Markdown cancellations 2,700 Beginning inventory (at sales price) 46,400 Freight on purchases 2,300 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to o decimal places, e.g. 786 and final answer to o decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.27MCE

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