Redux Ltd. estimates its quarterly inventory by the retail inventory method. The following data are...
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Redux Ltd. estimates its quarterly inventory by the retail inventory method. The following data are available for the quarter ended 30 September 20X6:
Cost Selling Price Inventory, 1 July 20X6 $369,000$544,000 Markups 209,000 Markup cancellations 45,000 Markdowns 74,000 Markdown cancellations 30,000 Purchases 935,000 1,605,000 Purchase returns and allowances23000 39000 Sales 1,750,000 Sales returns and allowances 87,000 Required: Prepare a schedule to compute the estimated inventory at 30 September 20X6.(Round intermediate calculations to nearest whole percent. Negative amounts should be indicated by a minus sign.)
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