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Grouper Company began operations on January 1, 2016, adopting the conventional retail inventory system. More of the company's merchandise was marked down in 2016 and,
Grouper Company began operations on January 1, 2016, adopting the conventional retail inventory system. More of the company's merchandise was marked down in 2016 and, because there was no beginning inventory, its ending inventory for 2016 of $38, 300 would have been the same under either the conventional retail system or the urn retail system. On December 31, 2017, the store management considers adopting the urn retail system and desires to know how the December 31, 2017, inventor/would appear' under both systems. All pertinent data regarding purchases, sales, markups, and markdowns are shown below. There has been no chance in the price level. Determine the cost of the 2017 ending inventory under bush (a) the conventional retail method and (b) the LIFO retail method. Ending inventory using conventional retail method s Ending inventory LITO retail method
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