The records of Pina Colada Menswear report the following data for the month of September: Sales $117,700 Purchases (at cost) $62,200 Sales returns 2,900 Purchases (at sales price) 118,000 Additional markups 11,000 Purchase returns (at cost) 3,300 Markup cancellations 1,800 Purchase returns (at sales price) 4,000 Markdowns 10,000 Beginning inventory (at cost) 33,600 Markdown cancellations 3,300 Beginning inventory (at sales price) 49,400 Freight on purchases 4,000 (a) Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, eg. 15.21% and the final answers to O decimal places, eg. 5,275.) Ending inventory, at retail Ending inventory, at cost $

The records of Pina Colada Menswear report the following data for the month of September: Sales $117,700 Purchases (at cost) $62,200 Sales returns 2,900 Purchases (at sales price) 118,000 Additional markups 11,000 Purchase returns (at cost) 3,300 Markup cancellations 1,800 Purchase returns (at sales price) 4,000 Markdowns 10,000 Beginning inventory (at cost) 33,600 Markdown cancellations 3,300 Beginning inventory (at sales price) 49,400 Freight on purchases 4,000 (a) Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, eg. 15.21% and the final answers to O decimal places, eg. 5,275.) Ending inventory, at retail Ending inventory, at cost $

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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