Uncle Butch's Hunting Supply Shop reports the following information related to inventory:     Cost Retail   Beginning inventory $35,000 $92,000 Purchases 75,000 200,000 Net additional markups — 15,000 Net markdowns — (22,000) Goods available for sale $110,000 $285,000 Sales   (178,000) Ending inventory at retail   $107,000   Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail inventory method under the LIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places

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A:

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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.