Question - The records of Ellen's Boutique report the following data for the month of April
Sales Revenue 99,000
Sales Returns 2,000
Markups 10,000
Markup cancellations 1,500
Markdowns 9,300
Markdown cancellations 2,800
Freight on purchases 2,400
Purchases (at cost) 48,000
Purchases (at sales price) 88,000
Purchase returns (at cost) 2,000
Purchase returns (at sales price) 3,000
Beginning Inventory (at cost) 30,000
Beginning Inventory (at sales price) 46,500
Compute the inventory by the conventional retail inventory method?