s On January 1, 2021, Sanderson Varlety Store adopted the dollar-value LIFO retall Inventory method. Accounting records provided thefollowing Information:Beginning inventoryNet purchasesNet markupsNet markdownsNet salesRetail price index, end of yearCostRetail$ 47,850 $87,000192,390365,0007,0009,000342,0001.04During 2022, purchases at cost and retail were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales forthe year were $6,000, $7,000, and $375,000, respectively. The retail price Index at the end of 2022 was 1.05.Ending inventoryEstimate ending Inventory in 2022 using the dollar-value LIFO retall method. (Round your Intermediate calculations to the nearestwhole dollar. Round ratio calculation to the nearest whole percent.)

LIFO (Last In- First Out) is a method of inventory valuation which records the most recently…

During 2022, purchases at cost and retall were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and $375,000, respectively. The retail price Index at the end of 2022 was 1.05. Estimate ending Inventory in 2022 using the dollar-value LIFO retall method. (Round your Intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.) Ending inventory

During 2022, purchases at cost and retall were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and $375,000, respectively. The retail price Index at the end of 2022 was 1.05. Estimate ending Inventory in 2022 using the dollar-value LIFO retall method. (Round your Intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.) Ending inventory

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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