Farm Tools Inc

question 54

Essay

Farm Tools Inc. (FTI) uses the LIFO retail inventory method for inventory costing. It has beginning inventory at a cost of $20,000 with a retail value of $50,000. During the year, FTI purchased inventory with a cost basis of $120,000 and a retail basis of $200,000. It had net markups of $6,000 and net markdowns of $12,000. FTI has net sales of $150,000. What is the cost of FTI's ending inventory using the LIFO retail inventory method? (Use two decimal places for percentages. Round final answer to nearest dollar.)

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