ance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide ne following information: Cost Retail Merchandise inventory, January 1, 2021 Net purchases Net markups Net markdowns $245,000 $350,000 615,000 18,000 13,000 460,000 458,800 Net sales Related retail price indexes are as follows: January 1, 2021 December 31, 2021 1.00 1.20 Required: Determine ending inventory and cost of goods sold using the information provided. Ending inventory at retail 161,300 X 97,782 X Ending inventory at cost Cost of goods sold $ $ 194,898 X

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Exercise 9-21 (Algo) Dollar-value LIFO retail (LO9-5]
Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide
the following information:
Cost
Retail
Merchandise inventory, January 1, 2021
Net purchases
Net markups
Net markdowns
$245,000 $350,000
458,800 615,000
18,000
13,000
460,000
Net sales
Related retail price indexes are as follows:
January 1, 2021
December 31, 2021
1.00
1.20
Required:
Determine ending inventory and cost of goods sold using the information provided.
Ending inventory at retail
161,300 X
Ending inventory at cost
$
97,782 X
Cost of goods sold
$
194,898 X
Transcribed Image Text:Exercise 9-21 (Algo) Dollar-value LIFO retail (LO9-5] Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Cost Retail Merchandise inventory, January 1, 2021 Net purchases Net markups Net markdowns $245,000 $350,000 458,800 615,000 18,000 13,000 460,000 Net sales Related retail price indexes are as follows: January 1, 2021 December 31, 2021 1.00 1.20 Required: Determine ending inventory and cost of goods sold using the information provided. Ending inventory at retail 161,300 X Ending inventory at cost $ 97,782 X Cost of goods sold $ 194,898 X
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