1. Find ending inventory at retail 2. Find ending inventory at lower-of-average-cost-or-market 3 The records for the Clothing Department of Flounder's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $24.600; at cost $17,200 Purchases in January: at retail $134,400; at cost $73,053 Freight-in: $6,900 Purchase returns: at retail $3,000; at cost $2.200 Transfers in from suburban branch: at retail $12,900; at cost $9,300 Net markups: $7,800 Net markdowns: $3,900 Inventory losses due to normal breakage, etc.: at retail $300 Sales revenue at retail: $96,600 Sales returns: $2,400

1. Find ending inventory at retail 2. Find ending inventory at lower-of-average-cost-or-market 3 The records for the Clothing Department of Flounder's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $24.600; at cost $17,200 Purchases in January: at retail $134,400; at cost $73,053 Freight-in: $6,900 Purchase returns: at retail $3,000; at cost $2.200 Transfers in from suburban branch: at retail $12,900; at cost $9,300 Net markups: $7,800 Net markdowns: $3,900 Inventory losses due to normal breakage, etc.: at retail $300 Sales revenue at retail: $96,600 Sales returns: $2,400

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.3: Estimating Inventory

Problem 1WT

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