Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has accumulated from the accounting records: Merchandise inventory, January 1, 2024 Cost $ 299,390 Retail $470,000 661,388 1,017,000 13,700 Net purchases Net markups Net markdowns Net sales Pertinent retail price indexes: January 1, 2024 December 31, 2024 Required: Estimate the ending inventory for December 31, 2024. 1.00 1.10 Note: Round "Cost-to-retail percentage" to 2 decimal places. Estimated ending inventory (At Retail) 3,700 633,500 Estimated ending inventory (At Cost)

Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has accumulated from the accounting records: Merchandise inventory, January 1, 2024 Cost $ 299,390 Retail $470,000 661,388 1,017,000 13,700 Net purchases Net markups Net markdowns Net sales Pertinent retail price indexes: January 1, 2024 December 31, 2024 Required: Estimate the ending inventory for December 31, 2024. 1.00 1.10 Note: Round "Cost-to-retail percentage" to 2 decimal places. Estimated ending inventory (At Retail) 3,700 633,500 Estimated ending inventory (At Cost)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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