Exercise 9-21 Dollar value LIFO Retail

Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Merchandise inventory, January 1, 2021 Net purchases Net markups Net markdowns Net sales Cost Retail $ 279,000 $450,000 389,400 585,000 15,000 10,000 440,000 Related retail price indexes are as follows: January 1, 2021 December 31, 2021 1.00 1.20 Required: Determine ending inventory and cost of goods sold using the information provided. Answer is complete but not entirely correct. $ Ending inventory at retail Ending inventory at cost Cost of goods sold $ 600,000 319,200 349,200 $