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 Netmarkups set markdowns Set sales to customers Sales to employees (net of 1et discount) Price Inder January 1, 2024 December 31, 2024 December 31, 2025 Required: 2024 Cost $ 57,000 109,160 3,800 Retail $ 76,000 126,000 19,000 3,800 124,460 4,500 Cost 2025 $ 115,150 4,300 Retail $ 132,400 11,600 4,000 120,440 5,85e 1.00 1.67 1.12

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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.