Reference no: EM132385762
Question
As of January 1, 2017,WindsorInc. 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, January 1 $30,800 $43,600
Markdowns 9,400
Markups 9,100
Markdown cancellations 6,000
Markup cancellations 3,200
Purchases 116,576 155,700
Sales revenue 151,500
Purchase returns 2,800 4,400
Sales returns and allowances 7,800
Compute Windsor'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.)
Without prejudice to your solution to part (a), assume that you computed the June 30, 2017, inventory to be $58,320 at retail and the ratio of cost to retail to be 70.64%. 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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