Amiras Corporation began operations on January 1, 2020, with a beginning inventory of $30,100 at...
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Amiras Corporation began operations on January 1, 2020, with a beginning inventory of $30,100 at cost and $50,000 at retail. The following information relates to 2020. Net purchases ($108,500 at cost) Net markups Net markdowns Retail $150.000 10,000 5,000 126,900 Sales revenue Assume Amiras decided to adopt the conventional retail method. Compute the ending inventory to be reported in the balance sheet. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to O decimal places, e.g. 28,987.) Ending inventory using the conventional retail method $ Assume instead that Amiras decides to adopt the dollar-value LIFO retail method. The appropriate price indexes are 100 at January 1 and 110 at December 31. Compute the ending inventory to be reported in the balance sheet. (Round ratios for computational purposes to 2 decimal places, e.g. 78.72% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the dollar-value LIFO retail method $ On the basis of the information in part (b), compute cost of goods sold. (Round ratios for computational purposes to 2 decimal places, e.g. 78.72% and final answer to O decimal places, e.g. 28,987.) Cost of goods sold using the dollar-value LIFO retail method $
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