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Work in Microsoft Excel, Please! Case 4 (25%) The records for the...

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Accounting

Work in Microsoft Excel, Please! image
Case 4 (25%) The records for the Prima Co. are summarized below for the month of January ($ in thousands). Inventory, January 1: at retail $200,000; at cost $136,000 Purchases in January: at retail $1,096,000; at cost $660,000 Freight-in: $56,000 Purchase returns: at retail $24,000; at cost $18,400 Transfers-in from suburban branch: at retail $104,000; at cost $73,600 Net markups: $64,000 Net markdowns: $32,000 Inventory losses due to normal breakage, etc.: at retail $3,200 Sales at retail: $760,000 Sales returns: $19,200 Required: 1. Compute the inventory for this company as of January 31, at retail prices. 2. Compute the ending inventory using conventional method. 3. Compute the ending inventory using cost method

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