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Category > Accounting Posted 24 Sep 2017 My Price 9.00

Aristotle Inc

(Conventional and Dollar-Value LIFO Retail) As of January 1, 2012, Aristotle Inc. installed the retail method of accounting for its merchandise inventory. To prepare the store’s financial statements at June 30, 2012, you obtain the following data.

 

Cost

Selling Price

Inventory, January 1

$ 30,000

$ 43,000

Markdowns

  

10,500

Markups

  

9,200

Markdown cancellations

  

6,500

Markup cancellations

  

3,200

Purchases

104,800

155,000

Sales

  

154,000

Purchase returns

2,800

4,000

Sales returns and allowances

  

8,000

Instructions

(a) Prepare a schedule to compute Aristotle’s June 30, 2012, inventory under the conventional retail method of accounting for inventories.

(b) Without prejudice to your solution to part (a), assume that you computed the June 30, 2012, inventory to be $59,400 at retail and the ratio of cost to retail to be 70%. The general price level has increased from 100 at January 1, 2012, to 108 at June 30, 2012. Prepare a schedule to compute the June 30, 2012, inventory at the June 30 price level under the dollar-value LIFO retail method.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 11:09 PM My Price 9.00

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