Ferret Company uses the LIFO retail inventory method for inventory costing. Ferret Company has beginning inventory with a cost of $10,000 and a retail value of $40,000. During the year, the company purchases goods with a cost basis of $80,000 and a retail basis of $100,000. It has net markups of $5,000 and net markdowns of $5,000. Sales are $50,000 at retail.
Required:
What is the cost of the ending inventory using the LIFO retail inventory method? Round all ratios to four decimal places. Round all numbers to two decimal places.

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The Answer of Ferret Company uses the LIFO retail inventory method for inventory costing. Ferret Company has beginning inventory with a cost of $10,000 and a retail value of $40,000. During the year, the company purchases goods with a cost basis of $80,000 and a retail basis of $100,000. It has net markups of $5,000 and net markdowns of $5,000. Sales are $50,000 at retail.
Required:
What is the cost of the ending inventory using the LIFO retail inventory method? Round all ratios to four decimal places. Round all numbers to two decimal places.

Ferret Company Uses the LIFO Retail Inventory Method for Inventory