Part 2 - (16 marks)

A small point could store has been using the retail method FIFO, lower custom market to value its inventory.

The following Information are giving:

The purchases : 1000

The dept sales: 2400

The inventory values 3000

The markups 500

Solow 700

Determine in the December 31st, 2005, inventory costs under retail method FIFO

What do you study the retail method FIFO

please write the details so I can do the calculations