Question: CONVENTIAL RETAIL INVENTORY METHOD Compute ending inventory at cost using the conventional retail inventory method. COST RETAIL Beginning Inventory 70,000 100,000 Purchases 220,000 295,000 Purchase

CONVENTIAL RETAIL INVENTORY METHOD
Compute ending inventory at cost using the conventional retail inventory method.
COST RETAIL
Beginning Inventory 70,000 100,000
Purchases 220,000 295,000
Purchase returns 4,000 5,000
Freight in 750
Markups 15,000
Markup cancellations 5,000
Markdowns 25,000
Markdown cancellations 10,000
Sales Revenue 350,000
Sales returns 10,000

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