Maintaining a book inventory requires time and constant monitoring of all records. F information involving an increase or a decrease in the value of an item of merchandise will r valuation of book inventory. For example, suppose 36 dresses that originally retailed for $8 $58. This is a markdown of $22 per dress. If only 30 dresses are reported to have been re records will overstate the inventory by $132 ($22 x 6 = $132). Discrepancies in inventor by errors in completing forms or in posting information to accounting records. Stores that use computerized sales registers can check for the correct price, regul to style number; consequently, they have fewer markdown errors. Problems still occur, ticketing, missing tags, incorrect handling of customer returns, incorrect entry of inform and so forth. Practice Problems Exercise 7.1 1. Calculate closing book inventory, given the following information: Opening inventory $287,219 Gross purchases $122,756 RTV Net transfers in Additional markup Net sales Markdowns Markdow