Reference no: EM132484508
As of January 1, 2017, Cullumber Inc. adopted the retail method of accounting for its merchandise inventory.
- To prepare the store's financial statements at June 30, 2017, you obtain the following data.
Cost Selling Price
Inventory, Jan 1 31800 47000
markdowns 9800
markups 8200
markdown canx 6300
markup canx 3600
purchases 96178 154700
sales revenue 156700
purchase return 2800 4400
sales returns and allowance 7400
Question a). Compute Cullumber's June 30, 2017, inventory under the conventional retail method of accounting for inventories. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)
Question b). Without prejudice to your solution to part (a), assume that you computed the June 30, 2017, inventory to be $54,000 at retail and the ratio of cost to retail to be 67.66%. The general price level has increased from 100 at January 1, 2017, to 108 at June 30, 2017. Compute the June 30, 2017, inventory at the June 30 price level under the dollar-value LIFO retail method. (Round ratios for computational purposes to 2 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)
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