When you undertook the preparation of the financial statements for Steelers Company at January 31, 2022 the following data were available: Inventory, February 1, 2021 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchases returns and allowances Sales returns and allowances At cost $149,000 453,600 8,600 At Retail $219,000 70,000 84,000 40,000 20,000 608,000 680,000 11,000 20,000

When you undertook the preparation of the financial statements for Steelers Company at January 31, 2022 the following data were available: Inventory, February 1, 2021 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchases returns and allowances Sales returns and allowances At cost $149,000 453,600 8,600 At Retail $219,000 70,000 84,000 40,000 20,000 608,000 680,000 11,000 20,000

Name: Using the same information as in part A, compute the ending inventory
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Description: Using the same information as in part A, compute the ending inventory at January 31, 2022,under LIFO Retail inventory method assuming that there was no change in the price indexduring the year. When you undertook the preparation of the financial sta

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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On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Cost Retail Beginning inventory $ 42,350 $ 77,000 Net purchases 165,890 315,000 Net markups 9,000 Net markdowns 11,000 Net sales 292,000 Retail price index, end of year 1.04 During 2022, purchases at cost and retail were $192,750 and $385,500, respectively. Net markups, net markdowns, and net sales for the year were $4,000, $5,000, and $325,000, respectively. The retail price index at the end of 2022 was 1.05.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.)
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