Accounting Problem

CALCULATOR PRINTER VERSION

BACK Skysong Stores Inc., which uses the conventional retail inventory method, Amounts as shown below appear on the store's books before adjustment. CALCULATOR PRINTER VERSION wishes to change to the LIFO retail method beginning with the accounting year ending December 31, 2020. Inventory, January 1, 2020 Purchases in 2020 Markups in 2020 Markdowns in 2020 Sales revenue in 2020 Cost $17,806 137,544 Retail $25,500 200,700 12,800 5,100 162,000 You are to assume that all markups and markdowns apply to 2020 purchases, ancfthat it is appropriate to treat the entire inventory as a single department. Compute the inventory at December 31, 2020, under the following methods. @Your answer is incorrect. Try again. The conventional retail method. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.) x Ending inventory using the conventional retail method LINK TO TEXT @Your answer is incorrect. Try again. 52544 The last-in, first-out retail method, effecting the change in method as of January 1, 2020. Assume that the cost-to-retail percentage for 2019 was recomputed correctly in accordance with procedures necessary to change to LIFO. This ratio was 63%. (Round ratios for computational purposes to O decitnal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.) x Ending inventory using the last-in, first-out retail method 53464