Question: I KEEP GETTING THIS WRONG, WHAT IS THE CORRECT ANSWER AND HOW DID YOU DO IT? THANK YOU! Grand Department Store Inc., uses the retail

DID YOU DO IT? THANK YOU! Grand Department Store Inc., uses the I KEEP GETTING THIS WRONG, WHAT IS THE CORRECT ANSWER AND HOW DID YOU DO IT?

THANK YOU!

Grand Department Store Inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2013 Inventory, October 1, 2013: 19,000 At cost 29,000 At retail Purchases (exclusive of freight and returns): 97,016 At cost At retail 145,500 Freight-in 5,000 Purchase returns 2,000 At cost 2,700 At retail 2,400 Additional markups 200 Markup cancellations 790 Markdowns (net) Normal spoilage and breakage Sales 4,400 134,730

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