Problem 9-8

The records for the Clothing Department of Blossoms Discount Store are summarized below for the month of January.

Inventory, January 1: at retail $25,000; at cost $16,900 Purchases in January: at retail $139,700; at cost $88,090 Freight-in: $9,000 Purchase returns: at retail $3,100; at cost $2,400 Transfers in from suburban branch: at retail $13,000; at cost $7,100 Net markups: $8,000 Net markdowns: $4,100 Inventory losses due to normal breakage, etc.: at retail $400 Sales revenue at retail: $94,300 Sales returns: $2,400

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 $