Question
On January 1, 2018, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $100,000 and $260,400,
On January 1, 2018, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $100,000 and $260,400, respectively. Net purchases during the year at cost and at retail were $726,400 and $897,000, respectively. Markups during the year were $11,000. There were no markdowns. Net sales for 2018 were $873,350. The retail price index at the end of 2018 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2018 balance sheet? (Do not round intermediate calculations.)
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