9) Which of the following is not an acceptable approach in applying the lower-of-cost-or-market method to inventory?
10) The following data concerning the retail inventory method are taken from the financial records of Welch Company.
Cost
Retail
Beginning inventory $ 147,000 $ 210,000
Purchases 672,000 960,000
Freight-in 18,000—
Net markups— 60,000