On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $ 40,800 $ 68,000 155,440 270,000 6,000 8,000 250,000 1.02 During 2019, purchases at cost and retail were $168,000 and $301,000, respectively. Net markups, net markdowns, and net sales for the year were $3,000, $4,000, and $280,000, respectively. The retail price index at the end of 2019 was 1.06. Estimate ending inventory in 2019 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar.) Ending inventory
On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $ 40,800 $ 68,000 155,440 270,000 6,000 8,000 250,000 1.02 During 2019, purchases at cost and retail were $168,000 and $301,000, respectively. Net markups, net markdowns, and net sales for the year were $3,000, $4,000, and $280,000, respectively. The retail price index at the end of 2019 was 1.06. Estimate ending inventory in 2019 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar.) Ending inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Brief Exercise 9-12 Dollar-value LIFO retail [LO9-5]
On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the
following information:
Beginning inventory
Net purchases
Net markups
Net markdowns
Net sales
Retail price index, end of year
Cost
Retail
$ 40,800 $ 68,000
155,440
270,000
6,000
8,000
250,000
1.02
During 2019, purchases at cost and retail were $168,000 and $301,000, respectively. Net markups, net markdowns, and net sales for
the year were $3,000, $4,000, and $280,000, respectively. The retail price index at the end of 2019 was 1.06.
Estimate ending inventory in 2019 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest
whole dollar.)
Ending inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3c134ff-b7ac-4f59-841d-6bdd50fc3944%2Fd47359db-d0be-4126-b755-59a41b831ae1%2F1iq9bqs_processed.png&w=3840&q=75)
Transcribed Image Text:Brief Exercise 9-12 Dollar-value LIFO retail [LO9-5]
On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the
following information:
Beginning inventory
Net purchases
Net markups
Net markdowns
Net sales
Retail price index, end of year
Cost
Retail
$ 40,800 $ 68,000
155,440
270,000
6,000
8,000
250,000
1.02
During 2019, purchases at cost and retail were $168,000 and $301,000, respectively. Net markups, net markdowns, and net sales for
the year were $3,000, $4,000, and $280,000, respectively. The retail price index at the end of 2019 was 1.06.
Estimate ending inventory in 2019 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest
whole dollar.)
Ending inventory
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