Presented below is information related to Larkspur, Inc. Cost Retail Beginning inventory $416,500 $735,000 Purchases 1,862,000...

Presented below is information related to Larkspur, Inc.

	Cost	Retail
Beginning inventory	$416,500	$735,000
Purchases	1,862,000	3,283,000
Freight on purchases	79,380
Markups		171,500
Markup cancellations		137,200
Abnormal shortage	14,700	25,480
Markdowns		86,240
Markdown cancellations		11,760
Employee discounts		5,096
Sales revenue		3,503,500
Sales returns		98,000
Normal shortage		17,150
Purchase returns	21,560	40,180

Compute ending inventory by the conventional retail inventory method. (Round percentages for computational purposes to 1 decimal place, e.g. 0.4158 to 41.6% and final answer to 0 decimal places, e.g. 5,275.)

Ending inventory

$enter the ending inventory in dollars rounded to 0 decimal places

Expert Solution

ekkarill92 answered 2 years ago

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