The records of Vaughn's Boutique report the following data for the month of April. Sales revenue $97,100 Purchases (at cost) $47,800 Sales returns 2,100 Purchases (at sales price) 86,100 Markups 10,400 Purchase returns (at cost) 2,100 Markup cancellations 1,500 Purchase returns (at sales price) 3,100 Markdowns 10,200 Beginning inventory (at cost) 24,251 Markdown cancellations 2,900 Beginning inventory (at sales price) 44,800 Freight on purchases 2,500

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The records of Vaughn's Boutique report the following data for the month of April.
Sales revenue
$97,100
Purchases (at cost)
$47,800
Sales returns
2,100
Purchases (at sales price)
86,100
Markups
10,400
Purchase returns (at cost)
2,100
Markup cancellations
1,500
Purchase returns (at sales price)
3,100
Markdowns
10,200
Beginning inventory (at cost)
24,251
Markdown cancellations
2,900
Beginning inventory (at sales price)
44,800
Freight on purchases
2,500
Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal
places, eg. 78% and final answer to 0 decimal places, eg. 28,987.)
Ending inventory using conventional retail inventory method
%$4
Transcribed Image Text:The records of Vaughn's Boutique report the following data for the month of April. Sales revenue $97,100 Purchases (at cost) $47,800 Sales returns 2,100 Purchases (at sales price) 86,100 Markups 10,400 Purchase returns (at cost) 2,100 Markup cancellations 1,500 Purchase returns (at sales price) 3,100 Markdowns 10,200 Beginning inventory (at cost) 24,251 Markdown cancellations 2,900 Beginning inventory (at sales price) 44,800 Freight on purchases 2,500 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, eg. 78% and final answer to 0 decimal places, eg. 28,987.) Ending inventory using conventional retail inventory method %$4
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