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Compute ending inventory by conventional retail inventory

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Question - The records of Novak's Boutique report the following data for the month of April.

Sales revenue $101,000 Purchases (at cost) $45,800
Sales returns 1,800 Purchases (at sales price) 91,400
Markups 11,000 Purchase returns (at cost) 1,800
Markup cancellations 1,500 Purchase returns (at sales price) 2,700
Markdowns 9,900 Beginning inventory (at cost) 31,280
Markdown cancellations 2,600 Beginning inventory (at sales price) 50,800
Freight on purchases 2,200

Compute the ending inventory by the conventional retail inventory method.

Reference no: EM131728359

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