Question
I Need help with this question ASAP. Thank you in Advance The following data concerning the retail inventory... The following data concerning the retail inventory
I Need help with this question ASAP. Thank you in Advance
The following data concerning the retail inventory...
The following data concerning the retail inventory method are taken from the financial records of Welch Company.
Cost Retail |
Beginning inventory | $ 126,000 | $ 180,000 |
Purchases | 364,000 | 520,000 |
Freight-in | 15,000 | |
Net markups | 25,000 | |
Net markdowns | 11000 | |
Sales | 571000 |
A. what is the ending inventory at retail.
B. If ending inventory is to be valued at approximately the conventional retail inventory method, the calculation of the cost to retail ratio should be based on goods available for sale at cost ( dollar amount) b. retail (dollar amount).
C. What is the cost of ending inventory using the FIFO, LCNRV.
D. What is the cost of ending inventory using the LIFO Retail method.
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