Question: JFC Corporation values its inventory by using retail method: How much is the ending inventory at cost assuming the company uses FIFO LCM approach? Beginning

JFC Corporation values its inventory by using retail method:

How much is the ending inventory at cost assuming the company uses FIFO LCM approach?

Beginning inventory Purchases Freight-in Transfer-in Transfer-out Purchase returns Purchase allowances Net markups Net markdowns Sales Sales returns Sales discounts Employee discounts Abnormal losses Estimated normal shoplifting losses Estimated normal shrinkage Cost Retail 960,000.00 1,000,000.00 1,809,000.00 3,963,750.00 24,000.00 24,000.00 (3,000.00) (36,000.00) (18,000.00) 36,000.00 (4,500.00) (60,000.00) 36,000.00 (1,600,000.00) (1,140,000.00) 9,600.00 12,000.00 (60,000.00) (371,250.00) (72,000.00) (48,000.00)

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