Culver Company began operations on January 1, 2024, adopting the conventional retail inventory system. None of the company’s merchandise was marked down in 2024 and, because there was no beginning inventory, its ending inventory for 2024 of $48,360 would have been the same under either the conventional retail system or the LIFO retail system.

Culver Company began operations on January 1, 2024, adopting the conventional retail inventory system. None of the company’s merchandise was marked down in 2024 and, because there was no beginning inventory, its ending inventory for 2024 of $48,360 would have been the same under either the conventional retail system or the LIFO retail system.

 

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