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PART B: Retail Inventory Method Harnes Co. is a clothing store that uses the retail...

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Accounting

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PART B: Retail Inventory Method Harnes Co. is a clothing store that uses the retail inventory method to estimate its ending inventory balances. The following information relates to its operations during 2017: Cost $28,400 65,200 Inventory, January 1 Purchases Net Markups Net Markdowns Sales Retail 40,200 100,000 1,900 400 80,000 Compute ending inventory using the retail inventory method and the following cost-flow assumptions. Round all amounts to the nearest whole dollar. 1. Conventional Retail 2. LIFO Retail

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