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14 Grand Department Store, Inc, uses the retail Inventory method to estimate ending Inventory for its monthly financial statements. The following data pertain to a
14 Grand Department Store, Inc, uses the retail Inventory method to estimate ending Inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2021: 10 points $ 26,000 36,000 Skipped 99,592 152,500 5,700 . book Inventory, October 1, 2011 At cout at At retail Purchase exclusive of freight and returne): : At cont At retail Freight-in Durchase return At cout At retail Additional markup Markup cancellations Markdown nat) al pollage de Print 2,300 3,400 3,100 200 20 360 5,100 145,400 3,670 Sale References Sales returne Required: 1. Using the conventional retail method, prepare a schedule computing estimated lower of cost or market (LCM) inventory for October 31, 2021 (Round your cost to retail percentage to 2 decimal places (.e., 0.1234 should be entered as 12.34) and round your final answers to the nearest whole dollar.) Cost Retail Coal-to-Retal Ratio Beginning inventory Goods available for sale (excluding net markdowns Cost-to-retall percentage Goods available for sale including net markdowns) Estimated ending inventory a rola Estimated ending inventory to
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