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Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2024: Inventory, January 1 Cost $ 120,000 360, 119 Retail $ 169,000 542,000 15,200 Purchases Net markups Net markdowns Net sales Required: 9,400 526,000 Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period. Note: Do not round your "Cost-to-retail percentage" and round your final answer to the nearest whole number. Estimated ending inventory

Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2024: Inventory, January 1 Cost $ 120,000 360, 119 Retail $ 169,000 542,000 15,200 Purchases Net markups Net markdowns Net sales Required: 9,400 526,000 Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period. Note: Do not round your "Cost-to-retail percentage" and round your final answer to the nearest whole number. Estimated ending inventory

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2024: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost $ 120,000 360, 119 Estimated ending inventory Retail $ 169,000 542,000 15, 200 9,400 526,000 Required: Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period. Note: Do not round your "Cost-to-retail percentage" and round your final answer to the nearest whole number.
Transcribed Image Text:Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2024: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost $ 120,000 360, 119 Estimated ending inventory Retail $ 169,000 542,000 15, 200 9,400 526,000 Required: Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period. Note: Do not round your "Cost-to-retail percentage" and round your final answer to the nearest whole number.
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