Blossom Company, which uses the retail LIFO method to determine inventory cost, has provided the following information for 2020: Inventory, 1/1/20 Net purchases Netmarkups Net markdowns Net sales $609524. $408691 $414525. Cost $480500. $292000 1234000 Retail $430000 1756000 Assuming that the price index was 105 at December 31, 2020 and 100 at January 1, 2020, what is the cost of Blossom's Inventory at December 31, 2020 under the dollar-value-LIFO retail method? (Hint: Round Intermediate calculation to 2 decimal places, e.g. 0.63 and Inal answer to 0 decimal places.) 214000 100000 1690000

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.