On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information:     Cost   Retail   Beginning inventory $ 56,000   $ 80,000   Net purchases   223,040     330,000   Net markups         6,000   Net markdowns         8,000   Net sales         307,000   Retail price index, end of year         1.02     Estimate ending inventory using the dollar-value LIFO retail method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.))

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A:

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A: The solution are as follows

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A:

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.