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2 The records for the Clothing Department of Sharapova's Discount Store are summarized below for...

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Accounting

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2 The records for the Clothing Department of Sharapova's Discount Store are summarized below for the month of January 3 Inventory, January 1, at retail: $75,000 at cost: $37,000 4 Purchases in January, at retail: 165,000 at cost: 74,000 5 Freight-in, 5,000 6 Purchases returns, at retail: 7,900 at cost: 3,500 7 Net markups: 11,800 8 Net markdowns: 12,500 9 Inventory losses due to normal breakage, etc, at retail: at retail: 800 10 Sales at retail: 99,000 11 Sales returns: 2,400 12 13 Instructions: 14 Apply the LCM conventional method and compute the inventory for this department as of January 31 at Cost 15 16 17 18

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