At December 31, 2023, the following information was availabl…
At December 31, 2023, the following information was available from Kohl Co.’s accounting records: Cost Retail Inventory, 1/1/23 $147,000 $ 203,000 Purchases 803,000 1,155,000 Freight-in 30,000 0 Additional markups 42,000 Gross sales for the year totaled $1,350,000 and there were $100,000 of sales returns during 2023. Markdowns amounted to $10,000. Under the conventional retail method, the cost of Kohl’s inventory at December 31, 2023 was: