Danielle7
Apr 20, 2009, 07:54 PM
the records of irvin stores included the following data:
inventory, may 1, at retail, $14,500; at cost, $10,440
Purchases during may, at retail $42,900; at cost $31,550
Freight in, $2,000; purchase discounts, $250
additional makups, $3,800;markup cancellations, $400; net markdowns $1,300
sales during may, $46,500
Required:
Calculate the estimated inventory at may 31 on a LIFO basis. Show your calculations in good form and label all amounts.
thanks!!
inventory, may 1, at retail, $14,500; at cost, $10,440
Purchases during may, at retail $42,900; at cost $31,550
Freight in, $2,000; purchase discounts, $250
additional makups, $3,800;markup cancellations, $400; net markdowns $1,300
sales during may, $46,500
Required:
Calculate the estimated inventory at may 31 on a LIFO basis. Show your calculations in good form and label all amounts.
thanks!!