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The records for the Clothing Department of Bridgeport Fine Clothing are summarized below for the month of May. Inventory, May 1: at cost $64.000; at
The records for the Clothing Department of Bridgeport Fine Clothing are summarized below for the month of May. Inventory, May 1: at cost $64.000; at retail $97,400 Purchases in May: at retail $106,700; at cost $76,494 Freight-in: $3,200 Purchase returns: at cost $2,600, at retail $3,100 Transfers out to a nearby branch at retail $9.100: at cost $8,300 Net markups: $6,300 Net markdowns: $3,100 Inventory losses due to normal breakage, etc: at retail $820 Sales at retail: $111.000 Sales returns: $3,400 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 decimal places, eg. 28,987.) Ending inventory at lower-of-average-cost-or-market $ Compute the inventory for this department as of May 31, at retail prices. Ending inventory at retail $
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