Dean Company uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the inventory at July 31 follow.

For Six-Months Ended July 31	Cost	Retail
Beginning inventory, January 31	$540,000	$750,000
Purchases	3,060,000	4,725,000
Markups, net		525,000
Sales		5,175,000
Markdowns, net		375,000

Required Estimate inventory at July 31 using the LIFO retail method.

First, compute current year-end inventory at retail prices: Note: Do not use negatives signs with your answers.

Total goods available for sale at retail	Answer
Less: Net sales	Answer
Estimated ending inventory at retail	Answer

Next, compute the cost ratios:

Cost Ratio	Numerator		Denominator		Result
Beginning Inventory	Answer		Answer	=
Current Year	Answer		Answer	=

Lastly, estimate inventory at July 31 using the LIFO retail method by completing the following table. Note: Use the result EXACTLY as displayed above in the calculations below.

Current Year	Inventory			Current Year
Inventory at Year-End	Layers at	Layers at	Cost	Ending Inventory at
Retail Prices	Retail Prices	Retail Prices	Ratio	LIFO Cost
Answer	Beginning Inventory	Answer Incorrect Mark 0.00 out of 1.00	Answer	Answer
	Current Year	Answer	Answer	Answer