Reference no: EM132449993

Under retail inventory method and LIFO retail method, how are each of the individual items treated under each method.

i) markdowns

ii) markdown cancellations

iii) cost of items transferred in from other departments

iv) retail value of items transferred in from other departments

v) sales discounts

vi) purchases discounts (purchases recorded gross)

vii) estimated retail value of goods broken or stolen

viii) cost of beginning inventory

ix) retail value of beginning inventory

x) cost of purchases

xi) retail value of purchases

xii) markups

xiii) markup cancellations

also, determine for what retail situations you think each method is best suited, defend your answer.