On January 1, 2024, HGC Camera Store adopted the dolla retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 10% discount) Price Index: January 1, 2024 December 31, 2024 December 11, 2025. 2024 Cost $ 57,000 109,160 3,000 Retail $ 76,000 126,000 19,000 3,800 124,460 4,500 2025 Cost $ 115,150 4,300 Retail $ 132,400 11,600 4,000 120,440 5,850 1.00 1.07 1.32 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and fina answers to the nearest whole dollar.

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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.