On January 1, 2013, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: CostRetail Beginning inventory$57,200 $88,000 Net purchases 231,840 370,000 Net markups 8,000 Net markdowns 10,000 Net sales 347,000 Retail price index, end of year 1.04 During 2014, purchases at cost and retail were $293,580 and $489,300, respectively. Net markups, net markdowns, and net sales for the year were $7,000, $8,000, and $380,000, respectively. The retail price index at the end of 2014 was 1.06.Calculate the inventory value at the end of 2014 using the dollar-value LIFO retail method. please answer do not image.

Name: On January 1, 2013, Sanderson Variety Store adopted the dollar-value L
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Description: On January 1, 2013, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: CostRetail Beginning inventory$57,200 $88,000 Net purchases 231,840 370,000 Net markups

The cost of the most recent purchases is matched with the income from the most recent sales when…

Answered: Beginning inventory $ 57,200 $ 88,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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On January 1, 2013, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information:

	Cost	Retail
Beginning inventory	$	57,200	$	88,000
Net purchases		231,840		370,000
Net markups				8,000
Net markdowns				10,000
Net sales				347,000
Retail price index, end of year				1.04

During 2014, purchases at cost and retail were $293,580 and $489,300, respectively. Net markups, net markdowns, and net sales for the year were $7,000, $8,000, and $380,000, respectively. The retail price index at the end of 2014 was 1.06.

Calculate the inventory value at the end of 2014 using the dollar-value LIFO retail method.

please answer do not image.

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