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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
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 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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1d6062fb-f248-438f-b609-c67b7b5231a2%2F72f08514-a629-460f-aac1-eafaa3e2547c%2F8w380t_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education