Question
The records of Blossom Stores provided the following data for the year: Cost Retail (Base inventory) Inventory, January 1 $159,500 $285,000 Net purchases 833,000 1,306,000
The records of Blossom Stores provided the following data for the year:
| Cost | Retail | |||||
| (Base inventory) | Inventory, January 1 | $159,500 | $285,000 | |||
| Net purchases | 833,000 | 1,306,000 | ||||
| Sales revenue | 1,227,500 |
Other data are: Freight-in, $16,000; net markups, $8,000; net markdowns, $6,500; and the price index for the year is 109. Determine the approximate valuation of the final inventory by the dollar-value, LIFO-retail method. (Round ratio to 2 decimal places, e.g. 75.35% and final answer to 0 decimal places, e.g. 5,275.)
| Final inventory | $ |
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Authors: Moira, Rumsey
1st Edition
1898845026, 978-1898845027
