Exercise 9-22 The records of Ivanhoe\'s Boutique report the following data for t

Question

Exercise 9-22 The records of Ivanhoe's Boutique report the following data for the month of April. Sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations 2,700 Beginning inventory (at sales price 43,700 Freight on purchases $45,500 87,900 1,900 2,900 34,889 $95,000 1,900 Purchases (at sales price) 9,700 1,300 Prchase returns (at sales price) Purchase returns (at cost) 10,200 Beginning inventory (at cost) 2,400 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

Explanation / Answer

Particulars Cost Retail Beginning inventory 34889 43700 Purchases 45500 87900 Purchase returns -1900 -2900 Freight on purchases 2400 Totals 80889 128700 Add: Net markups: Markups 9700 Markup cancellations -1300 8400 80889 137100 Deduct: Net markdowns: Markdowns 10200 Markdown cancellations -2700 Net markdowns 7500 Sales price of goods available 129600 Deduct: Net sales ($95,000 - $1,900) 93100 Ending inventory, at retail 36500

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