E9 -10 Retail Inventory Method The Harmes Company is a clothingstore that uses the retail...
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E9 -10 Retail Inventory Method The Harmes Company is a clothingstore that uses the retail inventory method. The followinginformation relates to its operations during 2010:
Cost Retail
Inventory, January1 $28,400 $40,200
Purchases 65,200 100,000
Markups(net) _ 1,900
Markdowns(net) _ 400
Sales _ 80,000
Compute the ending inventory by the retail inventory method forthe following cost flow assumptions:
1. FIFO
2. Average cost
3. LIFO
4. Lower of the cost or market(based on the average cost)
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