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

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1. Find ending inventory at retail
2. Find ending inventory at lower-of-average-cost-or-market
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
Transcribed Image Text:1. Find ending inventory at retail 2. Find ending inventory at lower-of-average-cost-or-market 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
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