The records for the Clothing Department of Blossom's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $25,000; at cost $17,200 Purchases in January: at retail $138,900; at cost $80,320 Freight-in: $6,900 Purchase returns: at retail $3,000; at cost $2,400 Transfers in from suburban branch: at retail $13,100; at cost $9,000 Net markups: $8,000 Net markdowns: $3,900 Inventory losses due to normal breakage, etc.: at retail $500 Sales revenue at retail: $95,500 Sales returns: $2,300 (a) * Your answer is incorrect. Compute the inventory for this department as of January 31, at retail prices. Ending inventory at retail $ 35496

The records for the Clothing Department of Blossom's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $25,000; at cost $17,200 Purchases in January: at retail $138,900; at cost $80,320 Freight-in: $6,900 Purchase returns: at retail $3,000; at cost $2,400 Transfers in from suburban branch: at retail $13,100; at cost $9,000 Net markups: $8,000 Net markdowns: $3,900 Inventory losses due to normal breakage, etc.: at retail $500 Sales revenue at retail: $95,500 Sales returns: $2,300 (a) * Your answer is incorrect. Compute the inventory for this department as of January 31, at retail prices. Ending inventory at retail $ 35496

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

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Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
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The records for the Clothing Department of Sheffield's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $24,900; at cost $17,200 Purchases in January: at retail $139,300; at cost $85,588 Freight-in: $6,900 Purchase returns: at retail $3,100; at cost $2,400 Transfers in from suburban branch: at retail $12,800; at cost $9,000 Net markups: $7,800 Net markdowns: $3,900 Inventory losses due to normal breakage, etc.: at retail $400 Sales revenue at retail: $96,100 Sales returns: $2,300 (a) ✓ Your answer is correct. Compute the inventory for this department as of January 31, at retail prices. Ending inventory at retail $ 83600 (b) eTextbook and Media × Your answer is incorrect. Compute the ending inventory using lower-of-average-cost-or-market. Ending inventory at lower-of-average-cost-or-market $ 53760 Attempts: 3 of 5 used
The records for the Clothing Department of Oriole'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
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(Retail Inventory Method) The records for the Clothing Department of Sharapova’s Discount Store are summarized below for the month of January.Inventory, January 1: at retail $25,000; at cost $17,000Purchases in January: at retail $137,000; at cost $82,500Freight-in: $7,000Purchase returns: at retail $3,000; at cost $2,300Transfers in from suburban branch: at retail $13,000; at cost $9,200Net markups: $8,000Net markdowns: $4,000Inventory losses due to normal breakage, etc.: at retail $400Sales revenue at retail: $95,000Sales returns: $2,400 Instructions(a) Compute the inventory for this department as of January 31, at retail prices.(b) Compute the ending inventory using lower-of-average-cost-or-market.
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