Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400 Freight-in $840 Beg Inv @ retail $18,000 Purchases @ cost $54,600 Net markdowns $1,144 14. How much is Ending inventory at cost using the LIFO retail method?

Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400 Freight-in $840 Beg Inv @ retail $18,000 Purchases @ cost $54,600 Net markdowns $1,144 14. How much is Ending inventory at cost using the LIFO retail method?

Name: Beg Inv @ cost $11,160Net Additional markups $600Sales $94,056Purchase
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Description: Beg Inv @ cost $11,160Net Additional markups $600Sales $94,056Purchases @ retail $92,400Freight-in $840Beg Inv @ retail $18,000Purchases @ cost $54,600Net markdowns $1,14414. How much is Ending inventory at cost using the LIFO retail method?Thank you

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400 Freight-in $840 Beg Inv @ retail $18,000 Purchases @ cost $54,600 Net markdowns $1,144 11. Lets assume they employ the LIFO retail method at time of stable prices. What is the ending inventory at retail if using the LIFO retail? Thank you Brenda
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Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400 Freight-in $840 Beg Inv @ retail $18,000 Purchases @ cost $54,600 Net markdowns $1,144 4. Which retail inventory method excludes markups but includes markdowns in calculating the cost ratio? (LIFO Retail Method, Average Cost Method, LCM Conventional Method or none of these) Thank you Brenda
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