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Kramer company values its inventory by using the retail

Question - Kramer Company values its inventory by using the retail method(LIFO basis, stable prices). The following information is available for the year 2010.

Cost Retail

Beginning inventory 84,000 150,000

Purchases 368,000 588,000

Freight-in 16,000

Markups (net) -- 18,000

Markups (net) -- 6,000

Sales 580,000

At what amount would Kramer Company report its ending inventory?

A) 96,000

B) 96,800

C) 106,080

D) 108,800

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Accounting Basics: Kramer company values its inventory by using the retail

Reference No:- TGS02610014

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