The records for the Clothing Department of Novak's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $25,000; at cost $16,900 Purchases in January: at retail $138,000; at cost $92,444 Freight-in: $6,900 Purchase returns: at retail $3,000; at cost $2,300 Transfers in from suburban branch: at retail $13,000; at cost $9,000 Net markups: $7,800 Net markdowns: $4,000 Inventory losses due to normal breakage, etc.: at retail $300 Sales revenue at retail: $93,100 Sales returns: $2,400

The records for the Clothing Department of Novak's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $25,000; at cost $16,900 Purchases in January: at retail $138,000; at cost $92,444 Freight-in: $6,900 Purchase returns: at retail $3,000; at cost $2,300 Transfers in from suburban branch: at retail $13,000; at cost $9,000 Net markups: $7,800 Net markdowns: $4,000 Inventory losses due to normal breakage, etc.: at retail $300 Sales revenue at retail: $93,100 Sales returns: $2,400

Name: Compute the inventory for this department as of January 31, at retail
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Description: Compute the inventory for this department as of January 31, at retail prices.Ending Inventory $ ______________ The records for the Clothing Department of Novak's Discount Store are summarized below for the month of January.Inventory, January 1: at re

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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