Pronghorn Company began operations on January adopting the conventional retail inventory system. None of the company's merchandise was marked down in and, because there was no beginning inventory, its ending inventory for of $ would have been the same under either the conventional retail system or the LIFO retail system.
On December the store management considers adopting the LIFO retail system and desires to know how the December inventory would appear under both systems. All pertinent data regarding purchases, sales, markups, and markdowns are shown below. There has been no change in the price level.
tableCost,RetailInventory Jan. $$
