Retail $ 56,000 $ 80,000 223,040 330,000 6,000 8,000 307,000 1.02 Cost Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year During 2022, purchases at cost and retail were $271,830 and $418,200, respectively. Net markups, net markdowns, and net sales for the year were $7,000, $8,000, and $340,000, respectively. The retail price index at the end of 2022 was 1.08. Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.) Ending inventory
Retail $ 56,000 $ 80,000 223,040 330,000 6,000 8,000 307,000 1.02 Cost Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year During 2022, purchases at cost and retail were $271,830 and $418,200, respectively. Net markups, net markdowns, and net sales for the year were $7,000, $8,000, and $340,000, respectively. The retail price index at the end of 2022 was 1.08. Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.) Ending inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
4.
Transcribed Image Text:On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the
following information:
Cost
Retail
$ 56,000 $ 80,000
Beginning inventory
Net purchases
Net markups
223,040 330,000
6,000
8,000
307,000
Net markdowns
Net sales
Retail price index, end of year
1.02
During 2022, purchases at cost and retail were $271,830 and $418,200, respectively. Net markups, net markdowns, and net sales for
the year were $7,000, $8,000o, and $340,000, respectively. The retail price index at the end of 2022 was 1.08.
Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest
whole dollar. Round ratio calculation to the nearest whole percent.)
Ending inventory
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