The records of Wildhorse's Boutique report the following data for the month of April. Sales revenue $103,700 Purchases (at cost) $50,700 Sales returns 2,100 Purchases (at sales price) 95,600 Markups 9,600 Purchase returns (at cost) 2,100 Markup cancellations 1,600 Purchase returns (at sales price) 3,200 Markdowns 8,700 Beginning inventory (at cost) 26,376 Markdown cancellations 3,000 Beginning inventory (at sales price) 48,400 Freight on purchases 2,400

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
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Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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The records of Wildhorse's Boutique report the following data for the month of April.
Sales revenue
$103,700
Purchases (at cost)
$50,700
Sales returns
2,100
Purchases (at sales price)
95,600
Markups
9.600
Purchase returns (at cost)
2,100
Markup cancellations
1,600
Purchase returns (at sales price)
3,200
Markdowns
8,700
Beginning inventory (at cost)
26,376
Markdown cancellations
3,000
Beginning inventory (at sales price)
48,400
Freight on purchases
2,400
Compute the ending inventory by the conventional retail inventory method. (Round answer to 0 decimal places, eg. 28,987)
Ending inventory using conventional retail inventory method
$
Transcribed Image Text:The records of Wildhorse's Boutique report the following data for the month of April. Sales revenue $103,700 Purchases (at cost) $50,700 Sales returns 2,100 Purchases (at sales price) 95,600 Markups 9.600 Purchase returns (at cost) 2,100 Markup cancellations 1,600 Purchase returns (at sales price) 3,200 Markdowns 8,700 Beginning inventory (at cost) 26,376 Markdown cancellations 3,000 Beginning inventory (at sales price) 48,400 Freight on purchases 2,400 Compute the ending inventory by the conventional retail inventory method. (Round answer to 0 decimal places, eg. 28,987) Ending inventory using conventional retail inventory method $
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