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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
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: Cost Retail Merchandise inventory, January 1, 2018 $ 225,780 $ 355,000 Net purchases 466,550 745,000 Net markups 10,100 Net markdowns 2,600 Net sales 534,400 Pertinent retail price indexes: January 1, 2018 1.00 December 31, 2018 1.10
Required: Estimate the cost of ending inventory for December 31, 2018
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