The records of Pharoah's Boutique report the following data for the month of April. Sales revenue $107,500 Purchases (at cost) $50,800 Sales returns 1,900 Purchases (at sales price) 84,200 Markups 10,800 Purchase returns (at cost) 1,900 Markup cancellations 1,400 Purchase returns (at sales price) 2,800 Markdowns 9,900 Beginning inventory (at cost) 26,304 Markdown cancellations 2,600 Beginning inventory (at sales price) 43,000 Freight on purchases 2,400 Compute 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 O decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method $
The records of Pharoah's Boutique report the following data for the month of April. Sales revenue $107,500 Purchases (at cost) $50,800 Sales returns 1,900 Purchases (at sales price) 84,200 Markups 10,800 Purchase returns (at cost) 1,900 Markup cancellations 1,400 Purchase returns (at sales price) 2,800 Markdowns 9,900 Beginning inventory (at cost) 26,304 Markdown cancellations 2,600 Beginning inventory (at sales price) 43,000 Freight on purchases 2,400 Compute 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 O decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method $
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 46E
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