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The records for the Clothing Department of Pharoah's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $25,300; at
The records for the Clothing Department of Pharoah's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $25,300; at cost $17,300 Purchases in January: at retail $137,800; at cost $84,760 Freight-in: $7,200 Purchase returns: at retail $2,900; at cost $2,200 Transfers in from suburban branch: at retail $13,200; at cost $9,100 Net markups: $8,100 Net markdowns: $4,000 Inventory losses due to normal breakage, etc.: at retail $400 Sales revenue at retail: $96,700 Sales returns: $2,400 4
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