Beg Inv @ cost $11,160 Net Additional markups $600 Sales $94,056 Purchases @ retail $92,400 Freight-in $840 Beg Inv @ retail

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is the cost ratio if inventory is estimated using the LIFO retail method? 13. How much are the good available for sale at retail using the Lifo retail method? 14. How much is Ending inventory at cost using the LIFO retail method? Thank you Brenda

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 2. What is the ending inventory at retail using the Average (cost) method? 3. What value is the cost ratio?  (use 3 decimal places) 4. Wch 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) 6. If Ending Inv at retail had been found to be $16,000 (it wasn’t pretend it was) then using the correct cost ratio, what amount of inventory would show up on the balance sheet assuming they are using the Average Cost Method?  Question 5 isn’t revelent for ts question, they didn’t have any transfers for ts question 5. Assume that they also transferred in inventory from a different division with a cost of $8,500 and a retail value of $16,000. What would the cost ratio be, if ts had happened? using Average Cost Method (3 decimals) 7. Use same factors above but use the Conventional LCM Retail Inventory Method. What is the Ending Inventory at Retail? 8. What is the cost ratio using the Conventional LCM Retail Inventory Method? (3 decimal places) 9. What would the cost ratio be for the LCM Conventional Retail Method be if (new assumption) the company had experienced normal breakage (cost) $1,714 (retail during the period? 10. If ending inventory at retail is determined to be $18,300 (just pretend it is) and assuming away the normal breakage discussed in 9 then what is ending inventory at cost using the LCM Conventional Retail Inventory Method? 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? 12. what is the cost ratio if inventory is estimated using the LIFO retail method? 13. How much are the good available for sale at retail using the Lifo retail method? 14. How much is Ending inventory at cost using the LIFO retail method? Thank you Brenda

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