Question
HELP PLEASE DUE IN 3 HOURS !!! On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the
HELP PLEASE DUE IN 3 HOURS !!!
On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Cost Retail Beginning inventory $ 47,850 $ 87,000 Net purchases 192,390 365,000 Net markups 7,000 Net markdowns 9,000 Net sales 342,000 Retail price index, end of year 1.04 During 2019, purchases at cost and retail were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and $375,000, respectively. The retail price index at the end of 2019 was 1.05. Estimate ending inventory in 2019 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.)
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