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Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records
Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records Retail Cost $278,960 $ 440,000 Merchandise inventory, January 1, 2018 Net purchases Net markups 1,014,000 13,400 3,400 617,000 653,312 Net markdowns Net sales Pertinent retail price indexes: January 1, 2018 December 31, 2018 1.00 1.10 Required: Estimate the ending inventory for December 31, 2018. (Round "Cost-to-retail percentage" to two decimal place.) Estimated ending inventory (At Retail) Estimated ending inventory (At Cost)
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