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Please help me with this question. On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following
Please help me with this question.
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $ 41,000 $ 82,000 162,240 340,000 8,000 10,000 317,000 1.04 During 2022, purchases at cost and retail were $195,075 and $433,500, respectively. Net markups, net markdowns, and net sales for the year were $9,000, $10,000, and $350,000, respectively. The retail price index at the end of 2022 was 1.06. Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.) & Answer is complete but not entirely correct. Ending inventory $ 92,986Step by Step Solution
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