Bridgeport Company began operations late in 2019 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2019 and no markdowns during 2019, the ending inventory for 2019 was $12,977 under both the conventional retail method and the LIFO retail method. At the end of 2020, management wants to compare the results of applying conventional and LIFO retail methods. There was no change in the price level during 2020. The following data are available for computations.
Cost
Retail
Inventory, January 1, 2017 $14,000 $20,000
Sales revenue 80,000
Net markups 9,000
Net markdowns 1,600
Purchases 58,800 81,000
Freight-in 7,500
Estimated theft 2,000
Compute the cost of 2020 ending inventory under both:
a. The conventional retail method. Ending inventory using the conventional retail method $
b. The LIFO retail method. Ending inventory at cost $ and Ending inventory at retail $
Answers: 1
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