The records for the Clothing Department of Blossom's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $25,000; at cost $17,200 Purchases in January: at retail $138,900; at cost $80,320 Freight-in: $6,900 Purchase returns: at retail $3,000; at cost $2,400 Transfers in from suburban branch: at retail $13,100; at cost $9,000 Net markups: $8,000 Net markdowns: $3,900 Inventory losses due to normal breakage, etc.: at retail $500 Sales revenue at retail: $95,500 Sales returns: $2,300 (a) * Your answer is incorrect. Compute the inventory for this department as of January 31, at retail prices. Ending inventory at retail $ 35496

The records for the Clothing Department of Blossom's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $25,000; at cost $17,200 Purchases in January: at retail $138,900; at cost $80,320 Freight-in: $6,900 Purchase returns: at retail $3,000; at cost $2,400 Transfers in from suburban branch: at retail $13,100; at cost $9,000 Net markups: $8,000 Net markdowns: $3,900 Inventory losses due to normal breakage, etc.: at retail $500 Sales revenue at retail: $95,500 Sales returns: $2,300 (a) * Your answer is incorrect. Compute the inventory for this department as of January 31, at retail prices. Ending inventory at retail $ 35496

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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