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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The records for the Clothing Department of Sage's Discount Store are summarized below for the month of January.
Inventory, January 1: at retall $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
Netmarkups: $7,800
Netmarkdowns: $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 S
81000
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