Green Acres Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Merchandise inventory, January 1, 2024 Net purchases Net markups Net markdowns Net sales Pertinent retail price indexes: January 1, 2024 December 31, 2024 1.00 1.10 Estimated ending inventory Cost $ 215,220 435,125 Required: Estimate the cost of ending inventory for December 31, 2024. Note: Round "Cost-to-retail percentage" to 2 decimal places. Retail $ 340,000 730,000 9,800 2,300 507,700

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.