Question
On January 1, 2018, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $180,000 and $292,950,
On January 1, 2018, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $180,000 and $292,950, respectively. Net purchases during the year at cost and at retail were $736,000 and $911,000, respectively. Markups during the year were $9,000. There were no markdowns. Net sales for 2018 were $878,000. 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.)
$267,960.
$201,882.
$334,950.
$255,200.
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