Question:
The records of Lohse Stores included the following data:
Inventory, May 1, at retail, 14,500 dollars; at cost, 10,400 dollars
Puchases during May, at retail, 42,900 dollars; at cost, 31,500 dollars
Freight-in, 2000 dollars; purchase discounts, 250 dollars
Additional markups, 3800 dollars; markup cancellations, 400 dollars; net markdowns, 1300 dollars sales during may, 44,500 dollars
Calculate the estimated inventory at May 31 using conventional retail (LCM).
Show your calculations in good form and label all amounts