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The Kelly Company maintains inventory at selling prices as well as at cost. For 2021, the records show the following: Beginning inventory: Cost= 666, Retail=1332
The Kelly Company maintains inventory at selling prices as well as at cost. For 2021, the records show the following:
Beginning inventory: Cost= 666, Retail=1332
Purchases: Cost=2025, Retail= 5000
Freight-in on Purchases: Cost= 55
Purchase Returns: Cost= 3, Retail=8
Mark Ups: Retail= 57
Mark Up Cancels: Retail= 9
Mark Downs: Retail=33
Mark Down Cancels: Retail= 6
Sales: Retail= 3333
REQUIRED: Determine ending inventory and cost of goods sold under the Retail LCM Method
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