Question - The records of Novak'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.