do not give solution in image format Estimating Inventory Using LIFO Retail MethodDean Company uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to theinventory at July 31 follow.For Six-Months Ended July 31Beginning inventory, January 31PurchasesMarkups, netSalesMarkdowns, netCost$540,0003,060,000RequiredEstimate inventory at July 31 using the LIFO retail method.First, compute current year-end inventory at retail prices:• Note: Do not use negatives signs with your answers.Total goods available for sale at retail $Less: Net salesEstimated ending inventory at retail $Next, compute the cost ratios:Cost RatioBeginning InventoryCurrent YearNumeratorCurrent YearInventory at Year-EndRetail PricesRetail$750,0004,725,000525,0005,175,000375,000++Denominator=Lastly, estimate inventory at July 31 using the LIFO retail method by completing the following table.•Note: Use the result EXACTLY as displayed above in the calculations below.InventoryLayers atRetail PricesBeginning Inventory $Current YearResultLayers atRetail PricesCostRatio$Current YearEnding Inventory atLIFO Cost0

Name: do not give solution in image format Estimating Inventory Using LIFO R
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Description: do not give solution in image format Estimating Inventory Using LIFO Retail MethodDean Company uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to theinventory at July 31 follow.For Six-Months E