Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please add all the steps. thank you Swifty Company began operations on January 1, 2019, adopting the conventional retall inventory system. None of the company's
please add all the steps. thank you Swifty Company began operations on January 1, 2019, adopting the conventional retall inventory system. None of the company's merchandise was marked down in 2019 and, because there was no beginning inventory, its ending inventory for 2019 of $37,700 would have been the same under either the conventional retail system or the LIFO retail system On December 31, 2020, the store management considers adopting the LIFO retail system and desires to know how the December 31. 2020, inventory would appear under both systems. All pertinent data regarding purchases, sales, markups, and markdowns are shown below. There has been no change in the price level Cost Retail $60,000 12800 Inventory, Jan 1, 2020 $37,700 Markdowns (net) Markups (net) Purchases (net) 128,600 Sales (net) 22.400 178.200 166,500 Determine the cost of the 2020 ending inventory under both (a) the conventional retall method and (b) the LIFO retall method. (Round ratios for computational purposes to 2 decimal place, t.8. 78.72% and final answers to decimal places, es, 28,987.) (a) Ending inventory using conventional retail method 5 (6) Ending Inventory LIFO retall method
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started