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Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Cost Retail Merchandise inventory,
Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information:
Cost | Retail | |||||
Merchandise inventory, January 1, 2018 | $ | 192,000 | $ | 320,000 | ||
Net purchases | 371,200 | 575,000 | ||||
Net markups | 14,000 | |||||
Net markdowns | 9,000 | |||||
Net sales | 460,000 | |||||
Related retail price indexes are as follows:
January 1, 2018 | 1.00 |
December 31, 2018 | 1.10 |
Required:
Ending inventory at retail:____
Ending inventory at cost:____
Cost of Goods sold:____
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