The Following Data Pertain to a Retail Inventory Situation

Essay

The following data pertain to a retail inventory situation: $\begin{array} { | l | l | l | } \hline & \text { Cost } & \text { Retail } \\\hline \text { Beginning inventory } & \$ 5,808 & \$ 7,440 \\\hline \text { Purchases during period } & 37,248 & 58,000 \\\hline \text { Sales during period } & 56,400 & \\\hline \text { Additional mark-ups } & 1,000 & \\\hline \text { Additional mark-up cancellations } & & 200 \\\hline \text { Markdowns } & 840 & \\\hline \text { Markdown cancellations } & 240 & \\\hline\end{array}$