(Answered) 1 retail inventory method the records of mandys boutique

Accounting

1. Retail Inventory Method the records of Mandy's Boutique report the following data for the month of April.

Sales $95,000 Purchases (at cost) $55,000

Sales returns 2,000 Purchases (at sales price) 88,000

Markups 10,000 Purchase returns (at cost) 2,000

Markup cancellations 1,500 Purchase returns (at sales price) 3,000

Markdowns 9,300 Beginning inventory (at cost) 30,000

Markdown cancellations 2,800 Beginning inventory (at sales price) 46,500

Freight on purchases 2,400 Compute the ending inventory by the conventional retail inventory method.

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