Question
Opening inventory at retail for an outerwear department is $575,000. Purchases retail for October are $290,000, net sales are $150,000, markdowns are $46,000, returns
Opening inventory at retail for an outerwear department is $575,000. Purchases retail for October are $290,000, net sales are $150,000, markdowns are $46,000, returns to vendors are $10,000, transfers (transfers out) to the outlet stores are $15,000, and employee discounts are $4,000. Find the closing retail book inventory at the end of October.
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
10th edition
1260481956, 1260310175, 978-1260481952
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