Intermediate Accounting 14th Edition

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(2)

Answer

Markdown cancellations would be considered in the cost to retail percentage under Last In First Out (LIFO) retail method.

Work Step by Step

Markdown cancellations generally signify when a seller maintains the price at the same level regardless of the demands by consumers.
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