Retail inventory chart please find the values of the boxes

Assignment Help Accounting Basics

Reference no: EM13589971

Retail inventory chart: Please find the values of the boxes with question marks, and build a chart for each method that shows beginning inventory, net purchases, net markup, net markdown, goods available for sale, sales, ending inventory

1) Conventional:

	Cost	Retail
Beginning Inventory	190,000	280,000
Net Purchases	608,000	840,000
Net Markups		?
Cost-to-Retail percent	70%
Net Markdowns		4,000
Net sales		?
Ending Inventory	235,200	336,000

2) Average:

	Cost	Retail
Beginning Inventory	?	50,000
Net Purchases	20,760	?
Net Markups		1,200
Cost-to-Retail percent	?
Net Markdowns		800
Net Sales		31,000
Ending Inventory	34,680	51,000

3) LIFO:

	Cost	Retail
Beginning Inventory	160,000	280,000
Net Purchases	599,200	840,000
Net Markups		20,000
Cost-to-Retail percent	70%
Net Markdowns		4,000
Net Sales		?
Ending Inventory	?	316,000

Reference no: EM13589971

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