records provide the following information: Merchandise inventory, January 1, 2021 Net purchases Net markups Net markdowns Net sales Related retail price indexes are as follows: January 1, 2021 December 31, 2021 Cost Retail $245,000 $350,000 458,800 615,000 18,000 13,000 460,000 1.00 1.20

records provide the following information: Merchandise inventory, January 1, 2021 Net purchases Net markups Net markdowns Net sales Related retail price indexes are as follows: January 1, 2021 December 31, 2021 Cost Retail $245,000 $350,000 458,800 615,000 18,000 13,000 460,000 1.00 1.20

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Subject - account

Please help me.

Thankyou.

Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting
records provide the following information:
Merchandise inventory,
January 1, 2021
Net purchases
Net markups
Net markdowns
Net sales
Related retail price indexes are as follows:
January 1,
2021
December 31,
2021
1.00
Ending inventory at
retail
1.20
Cost
Retail
$245,000 $350,000
458,800 615,000
18,000
13,000
460,000
Required:
Determine ending inventory and cost of goods sold using the information provided.
Ending inventory at cost
Cost of goods sold

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