On January 1, 2024, Select 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 $ 49,000 189, 040 Retail $ 70,000 280,000 8,000 10,000 265,000 1.02 Estimate ending inventory using the dollar-value LIFO retail method. Note: Round ratio calculation to 2 decimal places fie. 0.1234 should be entered as 12.34%)

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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.