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HELP Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for
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Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2021: Cost $120,000 360,119 Inventory, January 1 Purchases Net markups Net markdowns Net sales Retail $169,000 542,000 15,200 9,400 526,000 Required: Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period. (Do not round your "Cost-to-retail percentage" and round your final answer to the nearest whole number.) Estimated ending inventoryStep by Step Solution
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