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Brief Exercise 9-12 (Algo) Dollar-value LIFO retail [LO9-5] On January 1, 2024, Select Varlety Store adopted the dollar-value LIFO retall Inventory method. Accounting records provided
Brief Exercise 9-12 (Algo) Dollar-value LIFO retail [LO9-5] On January 1, 2024, Select Varlety Store adopted the dollar-value LIFO retall Inventory method. Accounting records provided the following information: During 2025 (the following year), purchases at cost and retail were $210,990 and $324,600, respectively. Net markups, net markdowns, and net sales for the year were $5,000,$6,000, and $290,000, respectively. The retail price index at the end of 2025 was 1.06. Estimate ending inventory in 2025 using the dollar-value LIFO retall method. Note: Round ratlo calculation to 2 declmal places and round other Intermedlate calculations and final answer to the nearest whole dollar. Answer is complete but not entirely correct
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