1 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: $83,000 at cost: $25,000 4 Purchases in January, at retail: 166,000 at cost 73,000 5 Freight-in 5,500 6 Purchases returns, at retail 7,900 at cost 3,500 7 Net markups 11,500 8 Net markdowns 12,500 9 Inventory losses due to normal breakage, etc, at retail: at retail 800 10 Sales at retail 11 Sales returns: 100,000 2,300 12 13 Instructions: 14 Apply the LCM conventional method and compute the inventory for this department as of January 31 at Cost