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.