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On January 1, 2021, the FurnitureStore adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $200,000 and $287,700, respectively.
On January 1, 2021, the FurnitureStore adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $200,000 and $287,700, respectively. Net purchases during the year at cost and at retail were $715,200 and $886,000, respectively. Markups during the year were $8,000. There were no markdowns. Net sales for 2021 were $857,250. The retail price index at the end of 2021 was 1.05. What is the inventory balance that FurnitureStore would report in its 12/31/2021 balance sheet?
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