Retail inventory method and LCM
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The following data concerning the retail inventory method are taken from the financial records of Stone Company.
Cost Retail
Beginning inventory $ 49,000 70,000
Purchases 224,000 320,000
Freight-in 6,000 -
Net markups - 20,000
Net markdowns - 14,000
Sales - 336,000
A)The ending inventory at retail should be?
B) If the ending inventory is to be valued at approximately the lower of cost or market, the calculation of the cost to retail ratio should be based on goods available for sale at (1) cost and (2) retail, respectively of
a. $279,000 and $410,000.
b. $279,000 and $396,000.
c. $279,000 and $390,000.
d. $273,000 and $390,000.
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The solution explains some calculations relating to retail inventory method.
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