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24300 1444000 Assuming no change in the price level if the LIFO inventory method were used in conjunction with the data, the ending inventory at cost would be
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Answer #1

Particular

Cost

Retail

Beginning inventory

197000

287000

Ratio of cost to retail

197000/287000

0.686411

Net purchase

899000

1370000

Add: Fright in

24300

Add: Net markup

79800

Less: Net markdown

-54900

Good available for sale(ratio=923300/1394900=0.66)

923300

1394900

Total

1120300

1681900

Less: sale

0

1444000

Ending inventory

1120300

237900

Cost of ending inventory by LIFO method (rounded figure)

237900*0.686411

163297

In this case beginning cost to retail ratio use because LIFO method mention
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