On January 1, 2021, 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 $ 50,400 201,840 Retail $ 84,000 350,000 10,000 12,000 327,000 1.04 During 2022, purchases at cost and retail were $248,655 and $452,100, respectively. Net markups, net markdowns, and net sales for the year were $3,000, $4,000, and $360,000, respectively. The retail price index at the end of 2022 was 1.06. Ending inventory Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.)
On January 1, 2021, 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 $ 50,400 201,840 Retail $ 84,000 350,000 10,000 12,000 327,000 1.04 During 2022, purchases at cost and retail were $248,655 and $452,100, respectively. Net markups, net markdowns, and net sales for the year were $3,000, $4,000, and $360,000, respectively. The retail price index at the end of 2022 was 1.06. Ending inventory Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.)
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:On January 1, 2021, 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
$ 50,400 $ 84,000
201,840
350,000
10,000
12,000
327,000
1.04
During 2022, purchases at cost and retail were $248,655 and $452,100, respectively. Net markups, net markdowns, and net
sales for the year were $3,000, $4,000, and $360,000, respectively. The retail price index at the end of 2022 was 1.06.
Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the
nearest whole dollar. Round ratio calculation to the nearest whole percent.)
Ending inventory
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