Please help me understand the following: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO
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Please help me understand the following:
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information:
CostRetailBeginning inventory $47,850 $87,000
Net purchases 192,390 365,000
Net markups 7,000
Net markdowns9,000
Net sales342,000
Retail price index, end of year1.04
Estimate ending inventory using the dollar-value LIFO retail method.(Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.))
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