Question - The records of Mandy's Boutique report the following data for the month of April.
Sales $110,200 Purchases (at cost) $63,800
Sales returns 2,320 Purchases (at sales price) 102,080
Markups 11,600 Purchase returns (at cost) 2,320
Markup cancellations 1,740 Purchase returns (at sales price) 3,480
Markdowns 10,788 Beginning inventory (at cost) 34,800
Markdown cancellations 3,248 Beginning inventory (at sales price) 53,940
Freight on purchases 2,784
Compute the ending inventory by the conventional retail inventory method.