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Posted by: Homeworkhelp
Price Quoted by Student: $6
Posted On: 2018-07-03 07:07:38
 
Question

The records for the Clothing Department of Sharapova’s Discount Store are summarized below for the month of January.

P9-6 (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:
$17,000
Purchases in January,
at retail:
137,000
at cost:
82,500
Freight-in,
7,000
 
Purchases returns,
at retail:
3,000
at cost:
2,300
Transfers in from suburban branch,
at retail:
13,000
at cost:
9,200
Net markups:
8,000
 
Net markdowns:
4,000
 
Inventory losses due to normal breakage, etc, at retail:
at retail:
400
 
Sales
at retail:
95,000
 
Sales returns:
2,400
 


 

 
Instructions

(a) Compute the inventory for this department as of January 31, at Retail
(b) Compute the inventory using lower of average cost or market.

 

TUTORIAL PREVIEW
(a) Compute the inventory for this department as of January 31, at Retail

Cost
Retail
Beginning Inventory
$17,000
$25,000
Purchases
82,500
137,000
Freight-in
7,000

 


Solutions
TUTORIAL PREVIEW(a) Compute the inventory for this
Price $6
Attachment 1: P9-6 Sharapova.xls
Solution Posted By: Homeworkhelp    Posted on: 03-07-2018