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Harris Corporation provided the following information for the fiscal year ended December 31, 2018: Cost Retail Inventory, January 1 Cost - 1,119,000 Retail - 2,070,000
Harris Corporation provided the following information for the fiscal year ended December 31, 2018:
Cost Retail
Inventory, January 1 Cost - 1,119,000 Retail - 2,070,000
Purchases Cost- 4,690,000 Retail- 6,400,000
Markups Retail- 426,000
Markdowns Retail- 280,000
Sales Retail- 6,170,000
i. Calculate ending inventory at December 31, 2018 assuming Harris uses the LIFO Retail method.
ii. Calculate ending inventory at December 31, 2018 assuming Harris uses the Conventional Retail Method
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