Presented below is information related to Tamarisk Inc. ...
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Accounting
Presented below is information related to Tamarisk Inc.
| Cost | Retail | |||
| Inventory, 12/31/20 | $ 245,700 | $ 384,400 | ||
| Purchases | 818,428 | 1,450,600 | ||
| Purchase returns | 61,000 | 79,700 | ||
| Purchase discounts | 18,100 | |||
| Gross sales revenue | 1,411,200 | |||
| Sales returns | 97,900 | |||
| Markups | 118,900 | |||
| Markup cancellations | 40,400 | |||
| Markdowns | 44,800 | |||
| Markdown cancellations | 20,100 | |||
| Freight-in | 41,900 | |||
| Employee discounts granted | 8,100 | |||
| Loss from breakage (normal) | 4,600 |
Assuming that Tamarisk Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.)
| Ending inventory using the conventional retail inventory method | $ |
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