delivery to be made in spring of 2015. By 12 / 31 / 14, the price per pound of the spice mixture had dropped to $ 4.70 per pound. In 2014, LF should recognize 9. Plank Co. uses the retail inventory method. The following information is available for the current year. 10.
Cost
Retail Beginning inventory
$ 234,000
$ 366,000 Purchases
885,000
1,245,000 Freight-in
15,000
— Employee discounts
—
6,000 Net markups
— 45,000