Sporting Goods Galore Ltd At Cost, Assuming FIFO, LCM? $_____________

Essay

Sporting Goods Galore Ltd. uses the retail method of inventory. Data for the year 2013 follows: $\begin{array} { | l | l | l | } \hline & \text { Cost } & \text { Retail } \\\hline \text { Beginning inventory } & \$ 19,840 & \$ 30,000 \\\hline \text { Purchases (net) } & 53,360 & 86,000 \\\hline \text { Mark-ups (net) } & & 6,000 \\\hline \text { Markdowns (net) } & & ( 2,000 ) \\\hline \text { Goods available for sale } & \$ 73,200 & 120,000 \\\hline \text { Net sales } & & 80,000 \\\hline \text { Ending inventory: } & & \\\hline \text { At retail } & & \$ 40,000 \\\hline\end{array}$ At cost, assuming FIFO, LCM? $_____________.