Please Solve all required and Do not Give image format On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided thefollowing information:Beginning inventoryNet purchasesNet markupsNet markdownsNet salesRetail price index, end of yearBeginning inventoryPlus: Net purchasesNet markupsLess: Net markdownsGoods available for sale (excluding beginning inventory)Goods available for sale (including beginning inventory)Base layer cost-to-retail percentage2024 layer cost-to-retail percentageLess: Net salesCont$ 56,000223,040Estimate ending inventory using the dollar-value LIFO retail method.Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%)Estimated ending inventory at current year retail pricesEstimated ending inventory at costEstimated cost of goods soldRetail$ 80,000330,000$6,0008,000307,0001.02Cost56,000 $223,040223,040279,040$Retail80,000330,0006,000(8,00328,000408,000(307,000)101,000Cost-to-retailRatio

Name: Please Solve all required and Do not Give image format On January 1, 2
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Please Solve all required and Do not Give image format On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided thefollowing information:Beginning inventoryNet purchasesNet markupsNet