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The following figures are from a juniors' sportswear department in a California store for May: Markdowns Purchases (retail) Returns to vendors Transfers in from Oregon store (retail) Transfers out to Arizona store (retail) Net sales Opening book inventory (retail) a. Determine the closing book inventory for May at retail. $42,000 $180,000 $3,500 $8,000 $4,000 $125,000 $315,000

The following figures are from a juniors' sportswear department in a California store for May: Markdowns Purchases (retail) Returns to vendors Transfers in from Oregon store (retail) Transfers out to Arizona store (retail) Net sales Opening book inventory (retail) a. Determine the closing book inventory for May at retail. $42,000 $180,000 $3,500 $8,000 $4,000 $125,000 $315,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following figures are from a juniors' sportswear department in a California store for May: Markdowns Purchases (retail) Returns to vendors Transfers in from Oregon store (retail) Transfers out to Arizona store (retail) Net sales Opening book inventory (retail) a. Determine the closing book inventory for May at retail. $42,000 $180,000 $3,500 $8,000 $4,000 $125,000 $315,000 b. If planned June book beginning inventory is supposed to be $319,200, what does the buyer need to do?
Transcribed Image Text:The following figures are from a juniors' sportswear department in a California store for May: Markdowns Purchases (retail) Returns to vendors Transfers in from Oregon store (retail) Transfers out to Arizona store (retail) Net sales Opening book inventory (retail) a. Determine the closing book inventory for May at retail. $42,000 $180,000 $3,500 $8,000 $4,000 $125,000 $315,000 b. If planned June book beginning inventory is supposed to be $319,200, what does the buyer need to do?
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