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 During 2022, purchases at cost and retail were $271,830 and $418,200, respectively. Net markups, net markdowns, and net sales for the year were $7,000, $8,000, and $340,000, respectively. The retail price index at the end of 2022 was 1.08. Cost Retail $ 56,000 $80,000 223,040 330,000 6,000 8,000 307,000 1.02 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 This is a numeric cell, so please enter numbers only. X
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 During 2022, purchases at cost and retail were $271,830 and $418,200, respectively. Net markups, net markdowns, and net sales for the year were $7,000, $8,000, and $340,000, respectively. The retail price index at the end of 2022 was 1.08. Cost Retail $ 56,000 $80,000 223,040 330,000 6,000 8,000 307,000 1.02 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 This is a numeric cell, so please enter numbers only. X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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
During 2022, purchases at cost and retail were $271,830 and $418,200, respectively. Net markups, net markdowns, and net sales for
the year were $7,000, $8,000, and $340,000, respectively. The retail price index at the end of 2022 was 1.08.
Cost Retail
$56,000 $80,000
223,040 330,000
6,000
8,000
307,000
1.02
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
This is a numeric cell, so please
enter numbers only.
X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0fa544b4-e327-43de-bfc4-701055325d35%2F89e529ca-9d93-4804-bd37-841462c8ac7d%2Fplw3mbv_processed.png&w=3840&q=75)
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
During 2022, purchases at cost and retail were $271,830 and $418,200, respectively. Net markups, net markdowns, and net sales for
the year were $7,000, $8,000, and $340,000, respectively. The retail price index at the end of 2022 was 1.08.
Cost Retail
$56,000 $80,000
223,040 330,000
6,000
8,000
307,000
1.02
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
This is a numeric cell, so please
enter numbers only.
X
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