Markups and Markdowns The company reported the following information relating to inventory for the…

Markups and Markdowns

The company reported the following information relating to inventory for the month of April: 

Cost

Retail

Inventory, January 1

$25,000

$50,000

Purchases in January

40,000

70,000

Markups

 

30,000

Markdowns

 

(25,000)

Sales for the month totaled $80,000. Compute the estimated cost of inventory on hand at the end of the month using the average cost assumption.

 

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