Question

Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $40,000 and a cost of $31,650 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $212,100 6,000 4,500 Retail $440,000 25,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 361,500 10,000 6,000 28,000 20,000 25,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $101,325, the cost-to-retail percentage for 2020 under the LIFO retail method was 67%, and the appropriate price index was 105% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $46,980, the cost-to-retail percentage for 2021 under the LIFO retail method was 66%, and the appropriate price index was 108% of the January 1, 2020, price level.

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Answer 1

3 wuwm 20 a0 Ending nvenboy abotail &caleuloted as allous Eagfaning inventanyt 40c00 achases Pwnchase odinns 5000 tsac00 Nes mankups otal ascoo t Jo,000 401c00 4401000 475000 Net mankdoono శఎగం0 ర Groodh available for sales 450,00 0 QS0O0 415000 35600 361500 /0000 Net aler 6000 Eroployee distoonb Eimat nding inventory ob iebail 45000035/5 O0 6000

NO (2 knding fnventory at base 101305 eai prices ర5 96500 tbase avoboy layes a prices 96600 90500 4.000 converted to caf 33890 92500 XI X 33890 n above af Geods avatloble sale excudig eg vey)-a13 100 + -6000 4500 2 80co 9600 Rebail geod avalae for aleercudigbhwenty 440r0cot acoo-s o00 2500 O 229600 Conf to retail /. 56 4 10,000

Poge No(3 Esimadked cndigg invenoy ab f 31650 y00 x 56%) 316S0 40 33890 42814 4000 x 1a5x6 dellan value LIFO rebail cof Total ciding nvenlo 33890t 28 14 36904 dollan volue FO vebad coak ,2020- $36%04 Total ending nventoy 2021 46980 vebai t base Cncking nierhay Prices 08 43600 Sinventony ayrs at ba ca Pes nventoyayo Convented to cort 43500XX 66% . Total ending ntento ry at ddlar valuc LFO rdad cof,2021