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I can't figure out the estimated ending inventory at cost or estimated cost of goods sold On January 1, 2016, Sanderson Variety Store adopted the
I can't figure out the estimated ending inventory at cost or estimated cost of goods sold
On January 1, 2016, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method Accounting records provided the following information: Cost Retail Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year $ 56,000 80,000 330,000 6,000 8,000 307,000 1.02 223,040 Calculate the inventory value at the end of the year using the dollar-value LIFO retail method. (Round you intermediate calculations to the nearest whole dollar.) Cost-to-retail ratio Cost Retail 56,000 $ 223,040 80,000 330,000 6,000 8,000 328,000 408,000 Beginning inventory Plus: Net purchases Net markups 0 223,040 279,040 Less: Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) 70% Base layer cost-to-retail percentage 2016 layer cost-to-retail percentage 68% Less: Net sales Estimated ending inventory at current year retail prices Estimated ending inventory at cost Estimated cost of goods sold 307,000 101,000Step by Step Solution
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