signment Problem 154 Klein Book Store uses the conventional retail method and is now considering converting to the LIFO retail method for the following: 2017 2018 Cost Retail Cost Retail Inventory 1/1 Purchases (net) Net markups Net markdowns Sales (net) Loss from breakage Applicable price index Following is a schedule showing the computation of the cost of inventory on $12,500 $22,500 ? 250,000 347,500 245,000 345,000 10,000 5,000 327,500 5,000 2,500 322,000 500 100 110 hand at 12/31/14 based on the convention Cost Retail Ratio Inventory 1/1/17 Purchases (net) Net markups Goods available Sales (net) Net markdowns $12,500$22,500 250,000347,500 5,000 $262,500 375,000 70% (322,000) (2,500) n All Rights Reserved. A Division of e to search signment Problem 154 Klein Book Store uses the conventional retail method and is now considering converting to the LIFO retail method for the following: 2017 2018 Cost Retail Cost Retail Inventory 1/1 Purchases (net) Net markups Net markdowns Sales (net) Loss from breakage Applicable price index Following is a schedule showing the computation of the cost of inventory on $12,500 $22,500 ? 250,000 347,500 245,000 345,000 10,000 5,000 327,500 5,000 2,500 322,000 500 100 110 hand at 12/31/14 based on the convention Cost Retail Ratio Inventory 1/1/17 Purchases (net) Net markups Goods available Sales (net) Net markdowns $12,500$22,500 250,000347,500 5,000 $262,500 375,000 70% (322,000) (2,500) n All Rights Reserved. A Division of e to search