LIFO questions

  

Under retail inventory method and LIFO retail method, how are each of the individual items treated under each method.

1) markdowns

2) markdown cancellations

3) cost of items transferred in from other departments

4) retail value of items transferred in from other departments

5)sales discounts

6)purchases discounts (purchases recorded gross)

7) estimated retail value of goods broken or stolen

8)cost of beginning inventory

9)retail value of beginning inventory

10)cost of purchases

11) retail value of purchases

12) markups

13) markup cancellations

 
also, determine for what retail situations you think each method is best suited, defend your answer.

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