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What would luxwear report as the lower cost

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Question - On March 1 year 1 luxwear Inc had beginning inventory and purchases at cost  of 50,000 and 20,000 respectively. The beginning inventory and purchases had a retail value at 75,000 and. 30,000 respectively. The company had sales of 60,000 as well as markups of 6,000 and markdowns of 10,000. What would luxwear report as the lower cost or market for its ending inventory on March 31 year 1 using conventional LCM retail method?

Reference no: EM133080027

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