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Gamma Retailer Co. uses the retail method of inventory for its interim reporting. Data for the end of 2015 follows: (unit: thousands dollar) Sales to
Gamma Retailer Co. uses the retail method of inventory for its interim reporting. Data for the end of 2015 follows: (unit: thousands dollar) Sales to customers: $13,002 Sales to employees: $400 (net of 20% discount) (*Round off the cost ratio to four decimal places below zero.) Find out the ending inventory at retail: Estimate the ending inventory and cost of goods sold under average cost, LCM: Estimate the ending inventory and cost of goods sold under LIFO cost: Assuming that the company adopted the dollar-value LIFO on January 1, 2015 and the retail price for the item increased 7% for the year, estimate the ending inventory and cost of goods sold under dollar-value LIFO retail method
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