Answer
Markups would be considered in the cost to retail under both conventional method or LIFO method.
Work Step by Step
Markups refers to the difference between cost of market offering (goods/services) and the respective selling price.
Intermediate Accounting 14th Edition
by Kieso, Donald E.; Weygandt, Jerry J.; Warfield, Terry D.
Published by
Wiley
ISBN 10:
0470587237
ISBN 13:
978-0-47058-723-2
Chapter 9 - Inventories: Additional Valuation Issues - Concepts for Analysis - Page 540: CA9-7(12)
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