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Kieso, Intermediate Accounting, 16e Help I S sa Your answer is partially correct. Try again....

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Accounting

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Kieso, Intermediate Accounting, 16e Help I S sa Your answer is partially correct. Try again. Skysong Company began beginning inventory, its ending inventory for 2016 of $37,300 would have been the same under either the conventional retail system or the LIFC operations on January 1, 2016, adopting the conventional retail Inventory system. None of the company's merchandise On December 31, 2017, the store management considers adopting the LIFO retail system and desires to know how the December 31, 2017, inv data regarding purchases, sales, markups, and markdowns are shown below. There has been no change in the price level. Cost Retail $60,100 12,900 22,100 178,800 169,300 Jan. 1, 2017 $37,300 Markdowns (net) Markups (net) Purchases (net) Sales (net) 128,800 the LIFO retail method. (Round ratios Determine the cost of the 2017 ending inventory under both (a) the conventional retail method and (b) e.g. 78.72% and final answers to 0 decimal places, eg. 28,987.) 50148 (a) Ending inventory using conventional retail method 72910 (b) Ending inventory LIFO retail method LINK TO TEXT

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