Problem - The records of Bonita's Boutique report the following data for the month of April.
Sales revenue $105,400
Purchases (at cost) $50,300
Sales returns 2,100
Purchases (at sales price) 92,400
Markups 10,700
Purchase returns (at cost) 2,100
Markup cancellations 1,400
Purchase returns (at sales price) 3,200
Markdowns 9,000
Beginning inventory (at cost) 26,780
Markdown cancellations 2,900
Beginning inventory (at sales price) 47,500
Freight on purchases 2,400
Compute the ending inventory by the conventional retail inventory method.