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Weber Corporation uses the retail inventory method to estimate its inventory balances. The following information is available on June 3 0 : Cost Retail Cost
Weber Corporation uses the retail inventory method to estimate its inventory balances. The following information is available on June :
Cost Retail Cost Retail
Inventory, January $ $ Markdowns $
Purchases Additional markups
Sales Markdown cancellations
Purchases returns Markup cancellations
Required:
Question Content Area
Compute the inventory on June using the conventional retail inventory method lower of average cost or market Round the costtoretail ratio to three decimal places.
WEBER CORPORATION
Computation of Estimated Inventory Using Conventional Retail Inventory Method
June
Cost Retail
Beginning inventory
$Beginning inventory
$Beginning inventory
Total purchases
Total purchases
Total purchases
Discounts
Discounts
$fill in the blank
$fill in the blank
Less: Net additional markdowns
Less: Net additional markdowns
Less: Net additional markups
Less: Net additional markups
Ending inventory at retail $fill in the blank
Ending inventory at cost $fill in the blank
Question Content Area
Independent of Requirement assume that the June inventory was $ at retail and that the costtoretail ratio is If the price level of the inventory has risen by during the period, compute the cost of the June inventory under the dollarvalue retail LIFO method, assuming that the company adopted the method at the beginning of the year. If required, round to the nearest dollar.
$ fill in the blank
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