Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Cost RetailMerchandise inventory, January 1, 2021 $160,000 $250,000Net purchases 350,200 510,000Net markups 7,000Net markdowns 2,000Net sales 380,000 Related retail price indexes are as follows: January 1, 2021 1.00 December 31, 2021 1.10 Required:Determine ending inventory and cost of goods sold using the information provided.
Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information:
Cost Retail
Merchandise inventory, January 1, 2021 $160,000 $250,000
Net purchases 350,200 510,000
Net markups 7,000
Net markdowns 2,000
Net sales 380,000
Related retail price indexes are as follows:
January 1, 2021 1.00
December 31, 2021 1.10
Required:
Determine ending inventory and cost of goods sold using the information provided.
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