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Blossom Inc. had beginning inventory of $12,960 at cost and $21,600 at retail. Net purchases were...

Blossom Inc. had beginning inventory of $12,960 at cost and $21,600 at retail. Net purchases were $133,000 at cost and $186,700 at retail. Net markups were $10,400, net markdowns were $7,100, and sales revenue was $154,700. Compute ending inventory at cost using the LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to 0 decimal places, e.g. 28,987.)

Ending inventory using LIFO retail method $enter the ending inventory using LIFO retail method in dollars rounded to 0 decimal places
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Answer #1

Solution:

LIFO Retail Method
Cost   Retail Cost to Retail ratio
Beginning Inventory 12960 21600
Add: Purchases 133000 186700
Add: Net Markups 10400
Less: Net Markdowns -7100
Goods Available for Sale (excluding beginning inventory) 133000 190000
Goods Available for Sale (including beginning inventory) 145960 211600
Cost-to-retail Percentage 70.00%
Less: Net Sales -1,54,700.00
Estimated Ending Inventory at Retail 56,900
Estimated Ending Inventory at Cost 37670
Estimated Ending Inventory at Cost (Working):
Retail Cost
Beginning Inventory 21600 12960
Current Period's Layer 35,300 24710
Total 56900 37670

Ending inventory using LIFO retail method = $37,670

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