Intermediate A ccounting, 16e Helr l R VERSION BACK NT Question 1 The records of
ID: 2558326 • Letter: I
Question
Intermediate A ccounting, 16e Helr l R VERSION BACK NT Question 1 The records of Martinez's Boutique report the following data for the Sales revenue Sales returns Markups Markup cancellations Markdowns month of April. 018 $103,300 Purchases (at cost) 2,200 Purchases (at sales price) 9,000 Purchase retuns (at cost) 1,600 Purchase returns ?at sales price) 9,500 Beginning inventory (at cost) s52,100 95,200 2,200 3,200 29,725 Markdown cancellations 3,10 Beginning inventory (at sales price) 50,100 Freight on purchases 2,600 ratail i decimal places, eg. Compute the ending inventory by 28,987.) the conventional retail inventory method. (Round ratios for computational purposes to O decimal places, eg, 78% and final answer to? Ending inventory using conventional retail inventory method Its by Question Attempts: 0 of s used SAVE FOR LAER SUBHIT ANSWERExplanation / Answer
Ending inventory using conventional retail inventory method:
Cost
Retail
Beginning inventory
$29725
$50100
Purchases
52100
95200
Freight on purchase
2600
0
Less: Purchase return
(2200)
(3200)
Total
$82225
142100
Add: mark ups
9000
Less: mark up cancellations
(1600)
Total
149500
Add: mark downs
9500
Less: mark down cancellations
(3100)
Goods available for sales at retail
155900
Less: sales
(103300)
Add: Sales returns
2200
Ending inventory at retail
$54800
Cost
Retail
Beginning inventory
$29725
$50100
Purchases
52100
95200
Freight on purchase
2600
0
Less: Purchase return
(2200)
(3200)
Total
$82225
142100
Add: mark ups
9000
Less: mark up cancellations
(1600)
Total
149500
Add: mark downs
9500
Less: mark down cancellations
(3100)
Goods available for sales at retail
155900
Less: sales
(103300)
Add: Sales returns
2200
Ending inventory at retail
$54800
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