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Please solve for ending inventory and show work. Thank you On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting
Please solve for ending inventory and show work. Thank you
On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: During 2025 (the following year), purchases at cost and retail were $244,320 and $407,200, respectively. Net markups, net markdowns, and net sales for the year were $6,000,$7,000, and $335,000, respectively. The retail price index at the end of 2025 was 1.07. Estimate ending inventory in 2025 using the dollar-value LIFO retail method. Note: Round ratio calculation to 2 decimal places and round other intermediate calculations and final answer to the nearest whole dollarStep by Step Solution
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