Retail Method Many Large Retailers Take a Physical Inventory near Year-End and Year-End

question 94

Essay

Retail method
Many large retailers take a physical inventory near year-end and state in their annual report that inventory has been valued by the "retail method." What does this mean? (Your answer should address [1] whether inventory is valued in the financial statements at cost or retail prices,and [2] how this dollar amount is determined.)

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Definitions:

Taft-Hartley Act

The Taft-Hartley Act, passed in 1947, is a United States federal law that restricts the activities and power of labor unions.

McCarran-Walter Act

A 1952 law formally known as the Immigration and Nationality Act, which established the basic structure of American immigration law, including quotas and preferences based on skills and family connections but also allowed for the exclusion and deportation of immigrants based on political beliefs.

Truman's Veto

Refers to several significant vetoes by President Harry S. Truman, including those against bills he viewed as hostile to labor or civil rights, showcasing the use of presidential power to check legislative actions.

Fair Deal's Goal

The aim of President Harry S. Truman's set of proposals to Congress in 1949 for domestic policy reforms, including improved social security, housing, and civil rights.