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Bonita Inc. had beginning inventory of $10,920at cost and $18,200at retail. Net purchases were $112,104at cost and $158,800at retail. Net markups were $9,200, net markdowns
Bonita Inc. had beginning inventory of $10,920at cost and $18,200at retail. Net purchases were $112,104at cost and $158,800at retail. Net markups were $9,200, net markdowns were $6,700, and sales revenue was $143,600. Compute ending inventory at cost using the LIFO retail method.(Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to 0 decimal places, e.g. 28,987.)
Ending inventory using LIFO retail method
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