Question: John Stevens Corporation uses the conventional retail method for financial reporting. The companys inventory records are summarized below. Estimate John Stevens ending inventory using the

John Stevens Corporation uses the conventional retail method for financial reporting. The company€™s inventory records are summarized below.

Estimate John Stevens€™ ending inventory using the conventional retail inventory method. (Round percentages to two decimal places.)

Description eeginning iventory Purchases Additional markups Markup cancellations Markdowns Markdown cancellations Sales Cost $ 20,000 144,500 Retail 56,000 198,400 9,000 3,000 5,000 1,500 235,700

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