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Retail Inventory Method The following information relates to the retail inventory method used by Jeffress Company: Cost Retail Beginning inventory Purchases Freight-in Net additional markups Net markdowns Sales $11,160 54,600 840 $18,000 92.400 600 1,144 94,056 Required: 1(a). Compute the ending inventory by the retail inventory method using the following cost townsumption FIFO. Round the cost to retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar. JEFFRESS COMPANY Calculation of ending inventory by retail inventory method FIFO Cost Retail Purchases Beginning inventory Previous D. mai 1(b). Compute the ending Inventory by the retail inventory method using the following controw assumption: Average cost. Round the cost-to-retail ratio to three decimal places. If necessary, round dolla amounts to the nearest whole dollar. JEFFRESS COMPANY Calculation of ending inventory by retail Inventory method Average cost Cost Retail Beginning inventory Purchases 1 (c). Compute the ending inventory by the retail inventory method using the following cost flow assumption: LIFO. Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar. JEFFRESS COMPANY Calculation of ending inventory by retail inventory method LIFO Cost Retail moto od 1 (d). Compute the ending inventory by the retail inventory method using the following cost tow assumption: Lower of cost of market (based on average cost). Round the cout-to-retail ratio to three decimal places. If necessary, reund dollar amounts to the nearest whole dollar JEFFRESS COMPANY Calculation of ending inventory by retail inventory method Lower of Cost or Market (based on average cost Retail Cour Previous Next 1 (d). Compute the ending inventory by the retail inventory method using the following cost flow assumption: Lower of cost or market (based on average cost). Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar. JEFFRESS COMPANY Calculation of ending inventory by retail inventory method Lower of Cost or Market (based on average cost) Cost Retail 2. Which of the following assumption(s) is/are necessary for the retai inventory method to produce accurate estimates of ending inventory! I. All of the items in inventory have the same markup II. The cost torta ratio must remain constant over the accounting period Previous Next