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The records of Mandy's Boutique report the following data for the month of April.

Sales $97,100 Purchases (at cost) $65,300
Sales returns 3,600 Purchases (at sales price) 91,800
Markups 11,700 Purchase returns (at cost) 3,600
Markup cancellations 1,100 Purchase returns (at sales price) 5,000
Markdowns 9,100 Beginning inventory (at cost) 36,182
Markdown cancellations 4,300 Beginning inventory (at sales price) 50,400
Freight on purchases 4,100

Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answers to 0 decimal places, e.g. $28,987.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9400288

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