The records for the Clothing Department of Sage'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 retall: $93,100 Sales returns: $2,400 (a) Compute the inventory for this department as of January 31, at retail prices. Ending inventory at retail 81000

The records for the Clothing Department of Sage'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 retall: $93,100 Sales returns: $2,400 (a) Compute the inventory for this department as of January 31, at retail prices. Ending inventory at retail 81000

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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