The records for the Clothing Department of Orioles Discount Store are summarized below for the...
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Accounting
The records for the Clothing Department of Orioles Discount Store are summarized below for the month of January.
Inventory, January 1: at retail $25,200; at cost $17,100
Purchases in January: at retail $136,300; at cost $85,705
Freight-in: $9,200 Purchase returns: at retail $3,000; at cost $2,300
Transfers in from suburban branch: at retail $13,200; at cost $7,100
Net markups: $8,000
Net markdowns: $4,000
Inventory losses due to normal breakage, etc.: at retail $300
Sales revenue at retail: $94,900
Sales returns: $2,300
Compute the inventory for this department as of January 31, at retail prices.
Ending inventory at retail $ Compute the ending inventory using lower-of-average-cost-or-market. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.)
Ending inventory at lower-of-average-cost-or-market $ =
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