Retail inventory method; conventional

G rand Department Store, Inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2016:

Required:

1. Using the conventional retail method, prepare a schedule computing estimated lower of cost and net realizable value inventory for October 31, 2016.

2. A department store using the conventional retail inventory method estimates the cost of its ending inventory as $29,000. An accurate physical count reveals only $22,000 of inventory at lower of cost and net realizable value. List the factors that may have caused the difference between computed inventory and the physical count.

 

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Status NEW Posted 25 May 2017 08:05 AM My Price 6.00

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