ACC 304 All Assignments ACC 304 All Assignments | Page 129

b. if it is the LIFO method, the beginning inventory is excluded and
markdowns are deducted.
c. if it is the LIFO method, the beginning inventory is included and
markdowns are not deducted.
d. if it is the conventional method, the beginning inventory is excluded
and markdowns are not deducted.
S57. Which of the following is not required when using the retail
inventory method?
a. All inventory items must be categorized according to the retail
markup percentage which reflects the item's selling price.
b. A record of the total cost and retail value of goods purchased.
c. A record of the total cost and retail value of the goods available for
sale.
d. Total sales for the period.