The Following Information Is Available for the Month of June

question 20

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 conventional retail method. Round ratios to four decimal places. (For example, 0.40127 = 0.4013)

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Definitions:

Performance

The act of executing or accomplishing tasks, projects, or objectives, typically measured against established criteria or standards.

Sue

To initiate legal proceedings against an individual or entity, usually for the redress of grievances or recovery of damages.

Delayed

Being delayed refers to something that has been postponed or made to happen later than previously scheduled, often due to unforeseen circumstances.

Incidental Damages

Additional costs incurred by one party due to another party's breach of contract, which are recoverable under the law.