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Compute the ending inventory by the retail inventory method

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Reference no: EM132884009

Problem - Retail Inventory Method - The following information relates to the retail inventory method used by Jeffress Company:

 

Cost

Retail

Beginning inventory

$11,160

$ 18,000

Purchases

54,600

92,400

Freight-in

840

-

Net additional markups

-

600

Net markdowns

-

1,144

Sales

-

94,056

Required -

1. Compute the ending inventory by the retail inventory method using the following cost flow assumptions (round the cost-to-retail ratio to 3 decimal places):

a. FIFO

b. average cost

c. LIFO

d. lower of cost or market (based on average cost)

2. What assumptions are necessary for the retail inventory method to produce accurate estimates of ending inventory?

Reference no: EM132884009

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