Leslie, Ltd. used the LIFO retail inventory method to determine its ending inventory. The accounting records for the company contained the following relevant information:
$\begin{array}{c}
\begin{array}{l}
\underline{\text { Retail }} \
\$ 79,000 \
91,000 \
2500\
5,000\
4,000
\end{array}
\begin{array}{lll}
\underline{\text {Cost}}\
\$48,000\
\
12,000\
\
\

\end{array}
\begin{array}{lll}
\
\text {Net purchases}\
\text {Sales }\
\text {Begining inventory}\
\text {Net markups}\
\text {Net markdowns}
\end{array}
\end{array}$

What is the cost of the ending inventory?

Question

Leslie, Ltd. used the LIFO retail inventory method to determine its ending inventory. The accounting records for the company contained the following relevant information:
 $\begin{array}{c}
\begin{array}{l}
\underline{\text { Retail }} \
\$ 79,000 \
91,000 \
2500\
5,000\
4,000
\end{array}
\begin{array}{lll}
\underline{\text {Cost}}\
\$48,000\
\
12,000\
\
\

\end{array}
\begin{array}{lll}
\
\text {Net purchases}\
\text {Sales }\
\text {Begining inventory}\
\text {Net markups}\
\text {Net markdowns} 
\end{array} 
\end{array}$

What is the cost of the ending inventory?

Quizplus · Accepted Answer

The Answer of Leslie, Ltd. used the LIFO retail inventory method to determine its ending inventory. The accounting records for the company contained the following relevant information:
 $\begin{array}{c}
\begin{array}{l}
\underline{\text { Retail }} \
\$ 79,000 \
91,000 \
2500\
5,000\
4,000
\end{array}
\begin{array}{lll}
\underline{\text {Cost}}\
\$48,000\
\
12,000\
\
\

\end{array}
\begin{array}{lll}
\
\text {Net purchases}\
\text {Sales }\
\text {Begining inventory}\
\text {Net markups}\
\text {Net markdowns} 
\end{array} 
\end{array}$

What is the cost of the ending inventory?

Leslie, Ltd What Is the Cost of the Ending Inventory? A) $6,720

Leslie, Ltd What Is the Cost of the Ending Inventory?
A) $6,720