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As of January 1, 2017, Indigo Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store`s financial statement...

As of January 1, 2017, Indigo Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store`s financial statement at June 30, 2017, you obtain the following data. cost selling price

Inventory January 1 $31,500 $44,800

markdowns 11,400

markups 8,300

markdown cancellation 7,100

markup cancellation 3,000

purchases 107,110 156,700

sales revenue 151,200

purchases return 2,600 3,800

sales returns and allowances 7,800

compute Indigo`s June 30, 2017, inventory under the conventional retail method of accounting for inventory.

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