The records of ABC Company report the following data for the month of May: Sales Br .
Question:
The records of ABC Company report the following data for the month of May:
Sales Br . 79,000
Sales return Br. 1,000
Markups Br. 10,000
Markup cancellations Br. 1,500
Markdown Br. 9,300
Markdown cancellation Br. 2,800
Freight on purchase Br. 2,400
Purchase at cost Br. 48,000
Purchase at sales price Br. 88,000
Purchase return at cost Br. 2,000
Purchase return at sales price Br .3,000
Beginning inventory at cost Br. 30,000
Beginning inventory at sales price Br .46,500
Required
Compute the ending inventory by the conventional retail method. The records of ABC Company report the following data for the month of May:
Sales Br. 79,000
Sales return Br.1,000
Markups Br. 10,000
Markup cancellations Br.1,500
Markdown Br. 9,300
Markdown cancellation Br.2,800
Freight on purchase Br.2,400
Purchase at cost Br. 48,000
Purchase at sales price Br.88,000
Purchase return at cost Br. 2,000
Purchase return at sales price Br.3,000
Beginning inventory at cost Br.30,000
Beginning inventory at sales price Br.46,500
Required
Compute the ending inventory by the conventional retail method
Compute the ending inventory Retail Method
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield