The Evening Out Clothing Store values its inventory using the retail inventory method The following data are available for the month of November 2002 Compute the estimated inventory at November 30, 2002, assuming 1 FIFO 2 LIFO 3 Average cost Inventory, November 1 Purchases Sales Cost $ 53,800 154,304 Retail $ 80,000 220,000 244,000

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Question: The Evening Out Clothing Store values its inventory using the retail inventory method. The following data are available for the month of November 2002. Compute

The Evening Out Clothing Store values its inventory using the retail inventory method. The following data are available for the month of November 2002.

Inventory, November 1 Purchases Sales Cost $ 53,800 154,304 Retail $ 80,000

Compute the estimated inventory at November 30, 2002, assuming:
1. FIFO

2. LIFO

3. Average cost

Inventory, November 1 Purchases Sales Cost $ 53,800 154,304 Retail $ 80,000 220,000 244,000

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