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The records of Lohse Stores included the following data:

Inventory, May 1, at retail, 14,500 dollars; at cost, 10,400 dollars
Puchases during May, at retail, 42,900 dollars; at cost, 31,500 dollars
Freight-in, 2000 dollars; purchase discounts, 250 dollars

Additional markups, 3800 dollars; markup cancellations, 400 dollars; net markdowns, 1300 dollars sales during may, 44,500 dollars,Calculate the estimated inventory at May 31 using conventional retail (LCM).Show your calculations in good form and label all amounts.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9963704

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