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The records for the Clothing Department of Bridgeports Discount Store are summarized below for the month of January. Inventory, January 1: at retail $24,700; at
The records for the Clothing Department of Bridgeports Discount Store are summarized below for the month of January.
Inventory, January 1: at retail $24,700; at cost $17,000 | |
Purchases in January: at retail $134,900; at cost $89,932 | |
Freight-in: $9,100 | |
Purchase returns: at retail $3,000; at cost $2,300 | |
Transfers in from suburban branch: at retail $12,900; at cost $6,900 | |
Net markups: $7,900 | |
Net markdowns: $4,000 | |
Inventory losses due to normal breakage, etc.: at retail $500 | |
Sales revenue at retail: $94,600 | |
Sales returns: $2,400 Compute the ending inventory using lower-of-average-cost-or-market.
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