Answer
Markup cancellation would be considered in the cost to retail under both conventional method or LIFO method.
Work Step by Step
Markup cancellation refers to the historical drop in price of a certain market offering (goods/services).
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(13)
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