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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 $
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 | $ | 52,500 | $ | 75,000 | ||
| Net purchases | 206,040 | 305,000 | ||||
| Net markups | 7,000 | |||||
| Net markdowns | 9,000 | |||||
| Net sales | 282,000 | |||||
| Retail price index, end of year | 1.04 | |||||
Estimate ending inventory using the dollar-value LIFO retail method.
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