Question
26 Saved Green Acres Co. has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from
26 Saved Green Acres Co. has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Pertinent retail price indexes: Cost Retall Merchandise inventory, January 1, 2021 $222.250 $350,000 455,975 740,000 Net purchases Net markups Net markdow Net sales January 1, 2021 December 31, 2021 1.00 1.10 10,000 2,500 525,500 Required: Estimate the cost of ending inventory for December 31, 2021. (Round "Cost-to-retail percentage" to 2 decimal places.) Estimated ending inventory
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