Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Merchandise inventory, January 1, 2024 Net purchases Net markups Net markdowns Net sales Related retail price indexes are as follows: January 1, 2024 December 31, 2024 1.00 1.20 Cost $ 328,000 596,400 Retail $ 410,000 705,000 27,000 22,000 550,000 Required: Determine ending inventory and cost of goods sold using the information provided.

Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Related retail price indexes are as follows: Required: Determine ending inventory and cost of goods sold using the information provided. Aztec Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are avallable for the month of September: The company used the average cost flow method and estimated inventory at the end of September to be $17,377.50. If the company had used the LIFO cost flow method, the cost-to-retail percentage would have been 50%. Required: Compute net purchases at retail and net sales for the month of September using the information provided Note: Do not round your intermediate calculations