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Category > Accounting Posted 24 Sep 2017 My Price 6.00

Brewster Company

(Retail Inventory Method—Conventional and LIFO) Brewster Company began operations on January 1, 2012, adopting the conventional retail inventory system. None of the company’s merchandise was marked down in 2012 and, because there was no beginning inventory, its ending inventory for 2012 of $41,100 would have been the same under either the onventional retail system or the LIFO retail system. On December 31, 2013, the store management considers adopting the LIFO retail system and desires to know how the December 31, 2013, inventory would appear under both systems. All pertinent data regarding purchases, sales, markups, and markdowns are shown on the next page. There has been no change in the price level.

 

Cost

Retail

Inventory, Jan. 1, 2013

$ 41,100

$ 60,000

Markdowns (net)

  

13,000

Markups (net)

  

22,000

Purchases (net)

150,000

191,000

Sales (net)

  

167,000

Instructions

Determine the cost of the 2013 ending inventory under both (a) the conventional retail method and (b) the LIFO retail method.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 11:09 PM My Price 6.00

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