Compute the inventory for the given department as of january

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Reference no: EM131970413

Problem

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

Inventory, January 1: at retail $24,800; at cost $16,600
Purchases in January: at retail $136,600; at cost $78,695
Freight-in: $9,300
Purchase returns: at retail $3,000; at cost $2,200
Transfers in from suburban branch: at retail $13,000; at cost $7,100
Net markups: $8,100
Net markdowns: $3,900
Inventory losses due to normal breakage, etc.: at retail $500
Sales revenue at retail: $94,300
Sales returns: $2,500

Compute the inventory for this department as of January 31, at retail prices.

Reference no: EM131970413

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