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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Retail Inventory Method—Conventional and LIFO Robinson Company began operations late in 2010 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2010 and no markdowns during 2010, the ending inventory for 2010 was $14,000 under both the conventional retail method and the LIFO retail method. At the end of 2011, management wants to compare the results of applying the conventional and LIFO retail methods. There was no change in the price level during 2011. The following data are available for computations. Compute the cost of the 2011 ending inventory under both
(a) The conventional retail method and
(b) The LIFO retailmethod.
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