Question 1 of 1 < View Policies Current Attempt in Progress The records for the Clothing...

Transcribed Image Text:

Question 1 of 1 < View Policies Current Attempt in Progress The records for the Clothing Department of Pina's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $25,500; at cost $17,100 Purchases in January: at retail $134,700; at cost $72,130 Freight-in: $7,200 Purchase returns: at retail $2,900; at cost $2,300 Transfers in from suburban branch: at retail $13,300; at cost $9,400 Net markups: $7,900 Net markdowns: $3,900 Inventory losses due to normal breakage, etc.: at retail $300 Sales revenue at retail: $93,900 Sales returns: $2,300 (a) Compute the inventory for this department as of January 31, at retail prices. Ending inventory at retail $ (b) eTextbook and Media Save for Later -/1 !!! Attempts: 0 of 3 used Submit Answer Compute the ending inventory using lower-of-average-cost-or-market. (Round ratios for computational purposes to decimal places, eg 78% and final answer to O decimal places, e.g. 28,987) Ending inventory at lower-of-average-cost-or-market eTextbook and Media Save for Later $ Attempts: 0 of 3 used Submit Answer Question 1 of 1 < View Policies Current Attempt in Progress The records for the Clothing Department of Pina's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $25,500; at cost $17,100 Purchases in January: at retail $134,700; at cost $72,130 Freight-in: $7,200 Purchase returns: at retail $2,900; at cost $2,300 Transfers in from suburban branch: at retail $13,300; at cost $9,400 Net markups: $7,900 Net markdowns: $3,900 Inventory losses due to normal breakage, etc.: at retail $300 Sales revenue at retail: $93,900 Sales returns: $2,300 (a) Compute the inventory for this department as of January 31, at retail prices. Ending inventory at retail $ (b) eTextbook and Media Save for Later -/1 !!! Attempts: 0 of 3 used Submit Answer Compute the ending inventory using lower-of-average-cost-or-market. (Round ratios for computational purposes to decimal places, eg 78% and final answer to O decimal places, e.g. 28,987) Ending inventory at lower-of-average-cost-or-market eTextbook and Media Save for Later $ Attempts: 0 of 3 used Submit Answer