Question - The records of Mandy's Boutique report the following data for the month of April.
Sales $95,000 Purchases (at cost) $55,000
Sales returns 2,000 Purchases (at sales price) 88,000
Markups 10,000 Purchase returns (at cost) 2,000
Markup cancellations 1,500 Purchase returns (at sales price) 3,000
Markdowns 9,300 Beginning inventory (at cost) 30,000
Markdown cancellations 2,800 Beginning inventory (at sales price) 46,500
Freight on purchases 2,400
Compute the ending inventory by the conventional retail inventory method.