Current Attempt in Progress Windsor Company began operations late in 2024 and adopted...
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Accounting
Current Attempt in Progress
Windsor Company began operations late in 2024 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2024 and no markdowns during 2024, the ending inventory for 2024 was $13,347 under both the conventional retail method and the LIFO retail method. At the end of 2025, management wants to compare the results of applying the conventional and LIFO retail methods. There was no change in the price level during 2025. The following data are available for computations.
Cost
Retail
Inventory, January 1, 2025
$13,347
$20,500
Sales revenue
75,000
Net markups
8,300
Net markdowns
1,500
Purchases
54,200
76,300
Freight-in
8,125
Estimated theft
2,100
Compute the cost of the 2025 ending inventory under both: (a) The conventional retail method.
Ending inventory using the conventional retail method
$enter a dollar amount
(b) The LIFO retail method.
Ending inventory at cost
$enter the amount of ending inventory using the conventional retail method in dollars
Ending inventory at retail
$enter the amount of ending inventory using the conventional retail method in dollars
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