The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500; at cost,
Question:
Inventory, May 1, at retail, $14,500; at cost, $10,440
Purchases during May, at retail, $42,900; at cost, $31,550
Freight-in, $2,000; purchase discounts, $250
Additional markups, $3,800; markup cancellations, $400; net markdowns, $1,300
Sales during May, $47,500
Calculate the estimated inventory at May 31 on a LIFO basis.
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Therefore the ending inventory on May 31 is 8640 Inventory May 1 Purcha...View the full answer
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