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Discuss the conventional retail inventory method

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Reference no: EM131775666

Exercise

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

Sales revenue $92,500 Purchases (at cost) $45,300
Sales returns 1,800 Purchases (at sales price) 88,900
Markups 10,700 Purchase returns (at cost) 1,800
Markup cancellations 1,400 Purchase returns (at sales price) 2,800
Markdowns 9,700 Beginning inventory (at cost) 31,952
Markdown cancellations 2,700 Beginning inventory (at sales price) 48,400
Freight on purchases 2,200

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 0 decimal places, e.g. 28,987.)

Reference no: EM131775666

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