Which of the following is not required when using the retail inventory method?
A)All inventory items must be categorized according to the retail markup percentage which reflects the item's selling price.
B)A record of the total cost and retail value of goods purchased.
C)A record of the total cost and retail value of the goods available for sale.
D)Total sales for the period.

Question

Quizplus · Accepted Answer

The retail inventory method requires a record of the total cost and retail value of goods purchased, a record of the total cost and retail value of the goods available for sale, and total sales for the period. However, items do not need to be categorized according to the retail markup percentage.

Which of the Following Is Not Required When Using the Retail