Conventional and LIFO Retail Method.Note to Instructor. Part B is based on Appendix 9-A.A. Landmark Book Store uses the conventional retail method.
InstructionsGiven the following data, prepare a neat, labeled schedule showing the computation of the cost of inventory on hand at 12/31/14. B. Landmark Book Store has decided to switch to the LIFO retail method for the period beginning 1/1/15.
InstructionsPrepare a schedule showing the computation of the 12/31/15 inventory under the LIFO retail method adjusted for price level changes (i.e., dollar-value LIFO Retail.) Without prejudice to your answer in requirement A above, assume that the 12/31/14 inventory computed under the LIFO Retail method was $40,000 and $27,500 at retail and cost, respectively, for purposes of this requirement. Data for 2015 follows:

Question

Conventional and LIFO Retail Method.Note to Instructor. Part B is based on Appendix 9-A.A. Landmark Book Store uses the conventional retail method.
InstructionsGiven the following data, prepare a neat, labeled schedule showing the computation of the cost of inventory on hand at 12/31/14.  B. Landmark Book Store has decided to switch to the LIFO retail method for the period beginning 1/1/15.
InstructionsPrepare a schedule showing the computation of the 12/31/15 inventory under the LIFO retail method adjusted for price level changes (i.e., dollar-value LIFO Retail.) Without prejudice to your answer in requirement A above, assume that the 12/31/14 inventory computed under the LIFO Retail method was $40,000 and $27,500 at retail and cost, respectively, for purposes of this requirement. Data for 2015 follows:

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The Answer of Conventional and LIFO Retail Method.Note to Instructor. Part B is based on Appendix 9-A.A. Landmark Book Store uses the conventional retail method.
InstructionsGiven the following data, prepare a neat, labeled schedule showing the computation of the cost of inventory on hand at 12/31/14.  B. Landmark Book Store has decided to switch to the LIFO retail method for the period beginning 1/1/15.
InstructionsPrepare a schedule showing the computation of the 12/31/15 inventory under the LIFO retail method adjusted for price level changes (i.e., dollar-value LIFO Retail.) Without prejudice to your answer in requirement A above, assume that the 12/31/14 inventory computed under the LIFO Retail method was $40,000 and $27,500 at retail and cost, respectively, for purposes of this requirement. Data for 2015 follows: