The Following Information Is Available for the Month of June

question 35

Essay

The following information is available for the month of June for a retail store:
$\begin{array}{|l|r|}\hline \text { Sales } & \$ 79,000 \\\hline \text { Sales Returns } & \$ 1,000 \\\hline \text { Markups } & \$ 10,000 \\\hline \text { Markup cancellations } & \$ 1,000 \\\hline \text { Markdowns } & \$ 9,300 \\\hline \text { Purchases (at cost) } & \$ 40,000 \\\hline \text { Purchases (at retail) } & \$107,000 \\\hline \text { Purchase returns (at cost) } & \$1,200 \\\hline \text { Purchase returns (at retail) } & \$ 2,000 \\\hline \text { Beginning inventory (at cost) } & \$ 30,000\\\hline\text { Beginning inventory (at retail) }&\$46,000\\\hline\end{array}$
Required:
Calculate the ending inventory at cost using the basic retail method. Round ratios to four decimal places. (For example, 0.40127 = 0.4013)

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Definitions:

Patriarchal

Describing a societal structure or system in which men hold the majority of power and authority, particularly in the home and in the wider society.

Masculinity

A set of attributes, behaviors, and roles often associated with boys and men, shaped by social, cultural, and biological factors, and subject to evolving definitions.

Organizational Scholars

Experts or academics who study the behavior, design, and culture of organizations and how they operate.

Feminist Theory

A theoretical approach that seeks to understand and address inequality between genders, emphasizing the importance of gender as a foundation for social structure and the need for social change.