Problem 8-14 The records for the Clothing Department of Ji-woon's Department Store are summarized as...
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Accounting
Problem 8-14 The records for the Clothing Department of Ji-woon's Department Store are summarized as follows for the month of January: 1. Inventory, January 1: at retail$15,000; at cost, s!2,000 2. Purchases in January: at retail, $115,595; at cost, $86,500 . Freight-in: $5,000 4. Purchase returns: at retail, $2,500; at cost, $1,700 S. Purchase allawances: $1,60D 6 Transfers in from suburban branch: at retail, $13,000; at cost, $7,200 7. Net markups: $5,000 8. Net markdowns: 2,000 9. Inventory losses due to normal breakage, and so on: at retail, $200 10. Sales at retail: $85,000 11. Sales $1,400 Estinate the inventory for this department as at anuary 31 at(1 retail and (2) the lower of average cost and market. (Round irtermediate calculations to 2 decimal places,e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275) Ending inventory at retail Ending inventory at lower of average cost and market
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