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Question: inventory may 1 at retail 64000 at cost 98000purchases in...

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Inventory, May 1: at retail $64,000; at cost $98,000Purchases in May: at retail $71,000; at cost $105,600Freight-in: $3,000Purchase returns: at retail $3,000; at cost $2,500Transfers out to a nearby branch: at retail $9,000; at cost $7,600Net markups: $6,000Net markdowns: $3,500Inventory losses due to normal breakage, etc.: at retail $850Sales at retail: $110,000Sales returns: $3,600Instructions(a) Compute the inventory for this department as of May 31,

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