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Purpose: This exercise illustrates two variations of the retail inventory method.
Sales
$ 79,000
Sales returns
1,000
Markups
10,000
Markup cancellations
1,500
Markdowns
9,300
Markdown cancellations
2,800
Freight on purchases
2,400
Purchases (at cost)
48,000
Purchases (at sales price)
88,000
Purchase returns (at cost)
2,000
Purchase returns (at sales price)
3,000
Beginning inventory (at cost)
30,000
Beginning inventory (at sales price)
46,500
It will provide an opportunity to compare and contrast these two approaches. The records of Nancy Klintworth's Baubles report the following data for the month of May.
Instructions
(a) Compute the ending inventory by the conventional retail inventory method.
(b) Compute the ending inventory using the retail method to approximate a LIFO cost figure (assuming stable prices).
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