Question - The records of Whispering's Boutique report the following data for the month of April.
Sales revenue - $101,000
Purchases (at cost) - $45,800
Sales returns - 1,800
Purchases (at sales price) - 91,400
Markups - 11,000
Purchase returns (at cost) - 1,800
Markup cancellations - 1,500
Purchase returns (at sales price) - 2,700
Markdowns - 9,900
Beginning inventory (at cost) - 31,280
Markdown cancellations - 2,600
Beginning inventory (at sales price) - 50,800
Freight on purchases - 2,200
Compute the ending inventory by the conventional retail inventory method.