Question: I need to work on this and finish this assignment by tomorrow, but I need help on this! Fitch General Store - Retail Inventory Fitch

I need to work on this and finish this assignment by tomorrow, but I need help on this!

but I need help on this! Fitch General Store - Retail Inventory

Fitch General Store - Retail Inventory Fitch General Store has the following information available for 2016: Cost Retail Sales (net amount charged to customer accounts) 450,000 Discounts (from list price) to senior citizens 12,000 Sales allowances (account adjustments to please unhappy 5,000 customers) Sales returns 10,000 Purchases recorded gross 350,000 550,000 Purchase returns 30.000 40.000 Purchase discounts taken (gross method) 12,000 Freight in 15,000 Freight out 43,000 Markups 20,000 Markup cancellations 4,000 Markdowns 10.000 Markdown cancellations 2,000 Shrinkage (theft) 4,000 Inventory, January 1, 2016 55,000 100,000 A. Calculate the December 31, 2016 inventory using the average method Data: (you may not fill this out - just use Excel) Cost Retail Conventional method retail calculation: IFRS simple average calculation:B. FIFO C. LIFO Calculate the inventory value using the Dollar Value (inflation adjusted) LIFO method. Assume the price level was 1 on Jan. 1 and 1.05 on Dec. 31, 2016

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