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 markdowna 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.) Answer is complete but not entirely correct. Ending inventory $ 60,238
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 markdowna 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.) Answer is complete but not entirely correct. Ending inventory $ 60,238
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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.)
Answer is complete but not entirely correct.
$ 60,238
Ending inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0c997fa6-f26e-474d-849c-125ac819a7f0%2F95cb8646-5de5-4598-b270-44e45d00e678%2Fsogtpsg_processed.jpeg&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
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.)
Answer is complete but not entirely correct.
$ 60,238
Ending inventory
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