The records for the Clothing Department of Ji-Woon's Department Store are summarized as follows for...
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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, $16,000; at cost, $12,000 2. Purchases in January: at retail, $118,268; at cost, $88,500 3. Freight in: $8,000 4. Purchase returns: at retail, $3,000; at cost, $2,000 5. Purchase allowances: $2,300 6. Transfers in from suburban branch: at retail, $13,000; at cost, $7,500 7. Net markups: $7,600 8. Net markdowns: $3,300 9. Inventory losses due to normal breakage and so on: at retail, $580 10. Sales at retail: $117,000 11. Sales returns: $1,800 Estimate the inventory for this department as at January 31 at (1) retail and (2) cost using the retail method. (Round cost-to-retail ratio to 2 decimal places, e.g. 52.75% and final answers to O decimal places, e.g. 5,275.) Ending inventory at retail $ Ending inventory at cost ta $
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