Print by: VICTORIA CHAMPION 51545554:ACC/422 / Week 2 Assignment Exercise 9-22 x

Question

Print by: VICTORIA CHAMPION 51545554:ACC/422 / Week 2 Assignment Exercise 9-22 x Your answer is incorrect. Try again The records of Nash's Boutique report the following data for the month of April $%51,200 89,300 2,100 3,200 33,024 48,200 Sales revenue $107,900 Purchases (at cost) 2,100 Purchases (at sales price) 10,900 Pchase returns (at cost) Sales returns Markups Markup cancellations Markdowns 1,600 Purchase returns (at sales price) 8,700Beginning inventory (at cost) 2,900 2,600 Markdown cancellations Beginning inventory (at sales price Freight on purchases 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 method18113 Question Attempts: 1 of 3 used t 2000-2017 by John Wiley & Sons, Inc. ar related companies. All rights reserved.

Explanation / Answer

cost Retail Beginning inventory 33,024 48,200 purchases 51,200 89,300 purchase returns -2,100 -3,200 freight on purchases 2,600 totals 84,724 134,300 Add:Net Markups markups 10,900 markup cancellations -1,600 9300 84,724 143,600 Deduct:net markdowns: Markdowns 8,700 Markdown Cancellations -2,900 net markdowns 5800 Sales price of goods available 137,800 Deduct:Net sales (107,900-2,100) 105800 ending inventory at retail 32,000 cost of retail ratio 84,724/143600 59.00% ending inventory at cost 32,000*59%= 18880 answer

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