Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year operations is as follows:
January beginning inventory had a cost of $ and a retail value of $
Purchases during cost $ with an original retail value of $
Freight costs were $ for incoming merchandise.
Net additional markups were $ and net markdowns were $
Based on prior experience, shrinkage due to shoplifting was estimated to be $ of retail value.
Merchandise is sold to employees at a of selling price discount. Employee sales are recorded in a separate account at Alquist Company uses the retail method to estimate its ending inventory.
Selected information about its year operations is as follows:
a January beginning inventory had a cost of $ and a
retail value of $
b Purchases during cost $ with an original retail value of
$
c Freight costs were $ for incoming merchandise.
d Net additional markups were $ and net markdowns were
$
e Based on prior experience, shrinkage due to shoplifting was estimated
to be $ of retail value.
f Merchandise is sold to employees at a of selling price discount.
Employee sales are recorded in a separate account at the net selling
price. The balance in this account at the end of is $
g Sales to customers totaled $ for the year.
Required:
Estimate ending inventory and cost of goods sold using the conventional retail method.the net selling price. The b
Required:
Estimate ending inventory and cost of goods sold using the LIFO retail method. Note: Assume stable prices.
tabletableLIFO RetailMethodEstimated ending inventory at retail,Estimated ending inventory at costEstimated cost of goods sold,
