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The records for the Clothing Department of Crane Fine Clothing are summarized below for the month of May. Inventory, May 1: at cost $64,100; at
The records for the Clothing Department of Crane Fine Clothing are summarized below for the month of May.
Inventory, May 1: at cost $64,100; at retail $98,000 | |||
Purchases in May: at retail $104,600; at cost $62,821 | |||
Freight-in: $3,100 | |||
Purchase returns: at cost $2,600; at retail $3,200 | |||
Transfers out to a nearby branch: at retail $9,200; at cost $7,800 | |||
Net markups: $5,900 | |||
Net markdowns: $3,400 | |||
Inventory losses due to normal breakage, etc.: at retail $890 | |||
Sales at retail: $110,000 | |||
Sales returns: $3,800
Compute the inventory for this department as of May 31, at retail prices.
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