Presented below is information related to Skysong Inc. Cost Retail Inventory, 12/31/17 $251,300 $387,300 Purchases...
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Accounting
Presented below is information related to Skysong Inc. Cost Retail Inventory, 12/31/17 $251,300 $387,300 Purchases 962,468 1,455,600 Purchase returns 58,800 78,800 Purchase discounts 18,000 Gross sales revenue 1,421,800 Sales returns 98,300 Markups 117,600 Markup cancellations 40,500 Markdowns 45,700 Markdown cancellations 20,200 Freight-in 41,400 Employee discounts granted 7,900 Loss from breakage (normal) 4,500 Assuming that Skysong Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2018.
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