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Find the ending inventory cost using retail inventory method L&L Lighting Plus uses the retail inventory method for its two light fixtures, Floor Lamps and
Find the ending inventory cost using retail inventory method
L&L Lighting Plus uses the retail inventory method for its two light fixtures, Floor Lamps and Wall Sconces. The following information for each light is obtained. Item Floor Wall Lamps Sconces Beginning inventory at cost $35,000 $48,500 Cost of goods purchased at cost 111,880 143,400 Net sales 181,500 185,500 Beginning inventory at retail 48,000 65,000 Cost of goods purchased at retail 181,500 187,500 Compute the estimated cost of the ending inventory for each light under the retail inventory method. (Round answers to 0 decimal places, e.g. 1,250.) Floor Lamps Wall Sconces Estimated cost of ending inventory $ $Step by Step Solution
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