Solution-Compute the inventory using lower of average cost

Compute the inventory using lower of average cost or market

Assignment Help Business Economics

Reference no: EM131231201

(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.

Reference no: EM131231201

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Compute the inventory using lower of average cost or market

Reference no: EM131231201

Reference no: EM131231201

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