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

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

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

Description Beginning inventory Purchases Additional markups Markup cancellations Markdowns Markdown cancellations Sales Cost S 700,000 1.320,000 Retail $1,015.000 1,857500 72,000 12,000 18,500 3,000 2,740,500

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