Retail Inventory Method The following information relates to the retail inventory method used by the Jeffress Company:
|
Cost |
Retail |
|
|
Beginning inventory |
$11,160 |
$18,000 |
|
Purchases |
54,600 |
92,400 |
|
Freight in |
840 |
— |
|
Net markups |
— |
600 |
|
Net markdowns |
— |
1,144 |
|
Sales |
— |
94,056 |
Required
Compute the ending inventory by the retail inventory method, using the following cost flow assumptions:
1. FIFO
2. Average cost
3. LIFO
4. Lower of cost or market (based on average cost)