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Unformatted text preview: Net Additional Markups $1,340,000 Net Markdowns $ 890,000 Ending Inventory at Retail $1,392,000 The price index associated with the 1/1/2007 beginning Inventory (the base inventory) is 322. The price index associated with the 12/31/2007 ending inventory is 345. ROUND ALL COST PERCENTAGES TO TWO DECIMAL PLACES; I.E., 43% ROUND ALL PRICES INDICES TO TWO DECIMAL PLACES; I.E., 1.23 ROUND ALL ANSWERS TO WHOLE DOLLARS.SHOW ALL WORK; PLACE YOUR ANSWERS IN THE DESIGNATED PLACES. A. Calculate ending inventory and cost of goods sold for 2007 using the conventional retail method. ENDING INVENTORY __________________ COST OF GOODS SOLD __________________ B. Calculate ending inventory and cost of goods sold for 2007 using the retail dollar value LIFO method. ENDING INVENTORY __________________ COST OF GOODS SOLD __________________...
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This note was uploaded on 09/20/2011 for the course ACCT 301 taught by Professor Staff during the Spring '11 term at S.F. State.
- Spring '11
- Financial Accounting