On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory het purchases Freight-in Net markups Net werkdowns bet sales to customers Sales to employees (wt of 10% discount) Price Inder January 1, 2024 December 31, 2834 December 31, 2025 2024 Cost $ 57,000 109,160 3,000 Retail $ 76,000 126,000 19,000 3,000 124,460 4,500 2025 Cost $ 115,150 4,300 Metall $ 132,400 11,600 4,000 120,440 5,85e 1.00 1.07 1.12 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 final 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.