ed -kt nces Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Brief Exercise 9-12 (Algo) Dollar-value LIFO retail [LO9-5] On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Saved Ending inventory Cost $ 43,800 169,940 < Prev Retail $ 73,000 295,000 5,000 7,000 272,000 1.04 During 2025 (the following year), purchases at cost and retail were $191,675 and $348,500, respectively. Net markups, net markdowns, and net sales for the year were $8,000, $9,000, and $305,000, respectively. The retail price index at the end of 2025 was 1.05. Estimate ending inventory in 2025 using the dollar-value LIFO retail method. Note: Round ratio calculation to 2 decimal places and round other intermediate calculations and final answer to the nearest whole dollar. 2 of 9 Check my work---- Next Activate Windows Go to Settings to activate Winr 2:29
ed -kt nces Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Brief Exercise 9-12 (Algo) Dollar-value LIFO retail [LO9-5] On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Saved Ending inventory Cost $ 43,800 169,940 < Prev Retail $ 73,000 295,000 5,000 7,000 272,000 1.04 During 2025 (the following year), purchases at cost and retail were $191,675 and $348,500, respectively. Net markups, net markdowns, and net sales for the year were $8,000, $9,000, and $305,000, respectively. The retail price index at the end of 2025 was 1.05. Estimate ending inventory in 2025 using the dollar-value LIFO retail method. Note: Round ratio calculation to 2 decimal places and round other intermediate calculations and final answer to the nearest whole dollar. 2 of 9 Check my work---- Next Activate Windows Go to Settings to activate Winr 2:29
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![ed -kt nces Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price
index, end of year Brief Exercise 9-12 (Algo) Dollar-value LIFO retail [LO9-5] On January 1, 2024,
Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records
provided the following information: Saved Ending inventory Cost $ 43,800 169,940 < Prev Retail $
73,000 295,000 5,000 7,000 272,000 1.04 During 2025 (the following year), purchases at cost and
retail were $191,675 and $348,500, respectively. Net markups, net markdowns, and net sales for the
year were $8,000, $9,000, and $305,000, respectively. The retail price index at the end of 2025 was
1.05. Estimate ending inventory in 2025 using the dollar-value LIFO retail method. Note: Round ratio
calculation to 2 decimal places and round other intermediate calculations and final answer to the
nearest whole dollar. 2 of 9 Check my work---- Next Activate Windows Go to Settings to activate
Wins 2:29](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fed4318ba-6479-44f7-9aa4-4e3a606a0849%2F7b1072f1-1d96-40a3-98b5-b4430724607d%2Fi50476w_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ed -kt nces Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price
index, end of year Brief Exercise 9-12 (Algo) Dollar-value LIFO retail [LO9-5] On January 1, 2024,
Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records
provided the following information: Saved Ending inventory Cost $ 43,800 169,940 < Prev Retail $
73,000 295,000 5,000 7,000 272,000 1.04 During 2025 (the following year), purchases at cost and
retail were $191,675 and $348,500, respectively. Net markups, net markdowns, and net sales for the
year were $8,000, $9,000, and $305,000, respectively. The retail price index at the end of 2025 was
1.05. Estimate ending inventory in 2025 using the dollar-value LIFO retail method. Note: Round ratio
calculation to 2 decimal places and round other intermediate calculations and final answer to the
nearest whole dollar. 2 of 9 Check my work---- Next Activate Windows Go to Settings to activate
Wins 2:29
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