The records of Sage’s Boutique report the following data for the month of April.Sales revenue $91,200 Purchases (at cost) $45,400Sales returns 1,900 Purchases (at sales price) 92,100Markups 10,000 Purchase returns (at cost) 1,900Markup cancellations 1,300 Purchase returns (at sales price) 3,000Markdowns 9,200 Beginning inventory (at cost) 36,560Markdown cancellations 2,600 Beginning inventory (at sales price) 44,200Freight on purchases 2,300 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.)Ending inventory using conventional retail inventory method $enter the dollar amount of the ending inventory by the conventional retail inventory method rounded to 0 decimal places

Answered: Image /qna-images/answer/2e1e29de-8e2a-4399-86cf-3f9743206fd1.jpg

Answered: The records of Sage’s Boutique report…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...

See similar textbooks

Related questions

Question

The records of Sage’s Boutique report the following data for the month of April.

Sales revenue	$91,200	Purchases (at cost)	$45,400
Sales returns	1,900	Purchases (at sales price)	92,100
Markups	10,000	Purchase returns (at cost)	1,900
Markup cancellations	1,300	Purchase returns (at sales price)	3,000
Markdowns	9,200	Beginning inventory (at cost)	36,560
Markdown cancellations	2,600	Beginning inventory (at sales price)	44,200
Freight on purchases	2,300

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.)

Ending inventory using conventional retail inventory method

$enter the dollar amount of the ending inventory by the conventional retail inventory method rounded to 0 decimal places

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions