Kiresh, Inc. uses the LIFO retail inventory method for costing inventory. It has beginning inventory at a

Question:

Kiresh, Inc. uses the LIFO retail inventory method for costing inventory. It has beginning inventory at a cost of $ 57,000 and retail value of $ 95,000. During the year, Kiresh purchased goods with a cost basis of $ 136,700 and a retail value of $ 220,484. It had net markups of $ 6,700 and net mark-downs of $ 15,400. Kiresh has net sales of $ 266,400. What is Kiresh’s using the LIFO retail method? Round percentages to two decimal places.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...