3. Compute the ending inventory by the retail inventory method for the following cost flow assumption: LIFO. Round the cost-to-retail ratio to three decimal places. HARMES COMPANY Calculation of ending inventory by retail inventory method LIFO Cost-to-retail ratio X Cost Retail $ X $ X X X $ X x X $ X Cost-to-retail ratio X X X X 4. Compute the ending inventory by the retail inventory method for the following cost flow assumption: Lower of cost or market (based on average cost). Round the cost-to-retail ratio to three decimal places. 4. Compute the ending inventory by the retail inventory method for the following cost flow assumption: Lower of cost or market (based on average cost). Round the cost-to-retail ratio to three decimal places. HARMES COMPANY Calculation of ending inventory by retail inventory method Lower of Cost or Market (based on average cost) Cost-to-retail ratio Cost Retail

3. Compute the ending inventory by the retail inventory method for the following cost flow assumption: LIFO. Round the cost-to-retail ratio to three decimal places. HARMES COMPANY Calculation of ending inventory by retail inventory method LIFO Cost-to-retail ratio X Cost Retail $ X $ X X X $ X x X $ X Cost-to-retail ratio X X X X 4. Compute the ending inventory by the retail inventory method for the following cost flow assumption: Lower of cost or market (based on average cost). Round the cost-to-retail ratio to three decimal places. 4. Compute the ending inventory by the retail inventory method for the following cost flow assumption: Lower of cost or market (based on average cost). Round the cost-to-retail ratio to three decimal places. HARMES COMPANY Calculation of ending inventory by retail inventory method Lower of Cost or Market (based on average cost) Cost-to-retail ratio Cost Retail

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

	Cost	Retail
Inventory, January 1	$32,500	$65,000
Purchases	130,000	215,667
Markups (net)	—	3,000
Markdowns (net)	—	2,000
Sales	—	190,000

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