On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retall Inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Retail Cost $ 47,850 $ 87,000 192,390 365,000 7,000 9,000 342,000 1.04 During 2022, purchases at cost and retall were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and $375,000, respectively. The retail price Index at the end of 2022 was 1.05. Ending inventory Estimate ending Inventory in 2022 using the dollar-value LIFO retall method. (Round your Intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.)

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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.