Problem 8

The records of Heese Stores provided the following data for the year:

Cost Retail

(Base inventory) Inventory, January 1 $150,000 $ 250,000

Net purchases 830,800 1,318,000

Sales 1,185,000

Other data are: Freight-in, $14,000; net markups, $8,000; net markdowns, $6,000; and the price index for the year is 110.

Instructions

Determine the approximate valuation of the final inventory by the dollar-value, LIFO-retail method. Label all figures.

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