WHat is the employee discount under retail using the LIFO retail method Required:2. Estimate ending Inventory for 2022 assuming Raleigh Department Store used the LIFO retall method.Note: Amounts to be deducted should be indicated with a minus sign. Round your cost-to-retall percentage calculation to 2decimal places (l.e., 0.1234 should be entered as 12.34) and final answers to the nearest whole dollar.Beginning inventoryAdd: PurchasesAdd: Freight-inLess: Purchase returnsAnswer is complete but not entirely correct.Less: Purchase discountsAdd: Net markupsLess: Net markdownsGoods available for sale (excluding beginning inventory)Goods available for sale (including beginning inventory)Cost-to-retail percentageLess: Net salesSalesSales returnsEmployee discountsEstimated ending inventory at retailEstimated ending inventory at costCost$36,200333,90029,000(6,400)(5,500)00351,000$ 387,200500,0008,0005,500$ 63,825SRetail50,000540,0000(15,000)030,000(15,000)540,000590,0005,500 x92,500Cost-to-RetailRatio65.00% Required Information[The following information applies to the questions displayed below.]Raleigh Department Store uses the conventional retall method for the year ended December 31, 2022. AvailableInformation follows:a. The Inventory at January 1, 2022, had a retall value of $50,000 and a cost of $36,200 based on the conventional retailmethod.b. Transactions during 2022 were as follows:Gross purchasesPurchase returnsPurchase discountsSalessales returnsEmployee discountsFreight-inNet markupsNet markdownsCost$ 333,9006,4005,50029,000Retail$ 540,00015,000500,0008,0005,50030,00015,000Sales to employees are recorded net of discounts.c. The retall value of the December 31, 2023, Inventory was $104,325, the cost-to-retail percentage for 2023 under theLIFO retall method was 70%, and the appropriate price Index was 107% of the January 1, 2023, price level.d. The retall value of the December 31, 2024, Inventory was $53,350, the cost-to-retall percentage for 2024 under theLIFO retall method was 69%, and the appropriate price Index was 110% of the January 1, 2023, price level.Required:1. Estimate ending Inventory for 2022 using the conventional retall method.Note: Amounts to be deducted should be Indicated with a minus sign. Round your cost-to-retall percentage calculation to 2decimal places (l.e., 0.1234 should be entered as 12.34) and final answers to the nearest whole dollar.

LIFO is the inventory valuation method which assumes that the inventory purchased last is issued or…

Answered: WHat is the employee discount under…

WHat is the employee discount under retail using the LIFO retail method

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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