Question: Need help in computing the cost of ending inventory using the conventional retail inventory method. Presented below is information related to Skysong Inc. Cost Retail

 Need help in computing the cost of ending inventory using the

Need help in computing the cost of ending inventory using the conventional retail inventory method.

conventional retail inventory method. Presented below is information related to Skysong Inc.

Presented below is information related to Skysong Inc. Cost Retail Inventory, 12/31/20 $245,900 $388,800 Purchases 928,258 1,482,700 Purchase returns 59,900 81,600 Purchase discounts 17,700 Gross sales revenue 1,427,200 Sales returns 96,100 Markups - 118,000 Markup cancellations 40,100 Markdowns 45,900 Markdown cancellations 19,900 Freight-in 42,800 Employee discounts granted 7,900 Loss from breakage (normal) 4,200 Assuming that Skysong Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the conventional retail inventory method 252672

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