During 2022, purchases at cost and retail were $168,000 and $301,000, respectively. Net markups, net markdowns, and net sales for the year were $3,000, $4,000, and $280,000, respectively. The retail price index at the end of 2022 was 1.06. Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar)
During 2022, purchases at cost and retail were $168,000 and $301,000, respectively. Net markups, net markdowns, and net sales for the year were $3,000, $4,000, and $280,000, respectively. The retail price index at the end of 2022 was 1.06. Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....
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Question
am. 47.
![On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the
following information:
Beginning inventory
Net purchases
Net markups
Net narkdowns.
Net sales
Retail price index, end of year
Answer is not complete.
Cost
$ 40,800
155, 440
During 2022, purchases at cost and retail were $168,000 and $301,000, respectively. Net markups, net markdowns, and net sales for
the year were $3,000, $4,000, and $280,000, respectively. The retail price index at the end of 2022 was 1.06. Estimate ending
inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar.)
Ending inventory
Retail
$ 68,000
270,000
6,000
8,000
250,000
1.02](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc3fe52e5-f13c-432b-9c8c-feefbe3907e4%2F2569f589-646d-4ee7-9622-a8be95e7bca6%2Fba69ti_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the
following information:
Beginning inventory
Net purchases
Net markups
Net narkdowns.
Net sales
Retail price index, end of year
Answer is not complete.
Cost
$ 40,800
155, 440
During 2022, purchases at cost and retail were $168,000 and $301,000, respectively. Net markups, net markdowns, and net sales for
the year were $3,000, $4,000, and $280,000, respectively. The retail price index at the end of 2022 was 1.06. Estimate ending
inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar.)
Ending inventory
Retail
$ 68,000
270,000
6,000
8,000
250,000
1.02
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