On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Beginning inventory Net purchases Net markups Net markdownsi Net sales Retail price index, 12/31/2024 Ending inventory at retail Ending inventory at cost Cost of goods sold Cost $76,720 113,850 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. $ $ Retail $137,000 256,000 7,000 10,000 229,000 1.12 161,000 73,016

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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.