Compute the ending inventory using lower-of-average-cost-or-market. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.)Ending Inventory at Lower-of-Average-Cost-Or-Market $ ____________ The records for the Clothing Department of Novak's Discount Store are summarized below for the month of January.Inventory, January 1: at retail $25,000; at cost $16,900Purchases in January: at retail $138,000; at cost $92,444Freight-in: $6,900Purchase returns: at retail $3,000; at cost $2,300Transfers in from suburban branch: at retail $13,000; at cost $9,000Net markups: $7,800Net markdowns: $4,000Inventory losses due to normal breakage, etc.: at retail $300Sales revenue at retail: $93,100Sales returns: $2,400 Compute the inventory for this departmentas of January 31, at retail prices.Ending inventory at retail85800

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

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Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

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Compute the ending inventory using lower-of-average-cost-or-market. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.)

Ending Inventory at Lower-of-Average-Cost-Or-Market $ ____________

The records for the Clothing Department of Novak's Discount Store are summarized below for the month of January.
Inventory, January 1: at retail $25,000; at cost $16,900
Purchases in January: at retail $138,000; at cost $92,444
Freight-in: $6,900
Purchase returns: at retail $3,000; at cost $2,300
Transfers in from suburban branch: at retail $13,000; at cost $9,000
Net markups: $7,800
Net markdowns: $4,000
Inventory losses due to normal breakage, etc.: at retail $300
Sales revenue at retail: $93,100
Sales returns: $2,400

Compute the inventory for this department
as of January 31, at retail prices.
Ending inventory at retail
85800

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