LILL er 9 w Help Seve ! Raleigh Department Store uses the conventional read method for the year ended December 31, 2016. Available information follows a. The inventory at January 1, 2016, had a retail value of $37000 and a cost of $30,090 based on the conventional retail method b. Transactions during 2016 were as follows: 345,00 Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Sales to employees are recorded net of discounts The retail value of the December 31, 2017 inventory was $68850, the cost to retail percentage for 2017 under the LIFO retail method was 70%, and the appropriate price index was 102% of the January 1, 2017 price level d The retail value of the December 31, 2018 inventory was $40.950, the cost to retail percentage for 2018 under the LIFO retail method was 69%, and the appropriate price index was 105% of the January 1, 2017 price level Required: 1. Estimate ending inventory for 2016 using the conventional retail method 2. Estimate ending inventory for 2016 assuming Raleigh Department Store used the LIFO retail method. 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1 2017. Estimating ending inventory for 2017 and 2018 Complete this question by entering your answers in the tabs below. w Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Estimate ending inventory for 2016 using the conventional retail method. (Amounts to be deducted should be indicated by a - Cost Hotel Costao Retail Beginning inventory Cost to retail percentage Goods available for sale Estimated ending inventory at retail Estimated ending inventory at cost Required 2 > Required 1 Required 2 Required 3 Estimate ending Inventory for 2016 assuming Raleigh Department Store used the UFO retail method. Beginning inventory Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage Estimated ending inventory at retail Estimated ending inventory at cost method was 69%, and the appropriate price index was 105% of the January 1, 2017 price level Required: 1. Estimate ending inventory for 2016 using the conventional retail method. 2. Estimate ending inventory for 2016 assuming Raleigh Department Store used the LIFO retail method. 3. Assume Raleigh Department Store adopts the dollar-value UFO retail method on January 1, 2017 Estimating ending inve 2017 and 2018 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume Raleigh Department Store adopts the dollar value LIFO retail method on January 1, 2017. Estimating ending inventory for 2017 and 2018. Total ending inventory at dollar-value LIFO retail cost, 2017 Total ending inventory at dollar-value LIFO retail cost, 2018
