Question
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
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 revenue 1,229,000
Other data are: Freight-in, $14,000; net markups, $8,000; net markdowns, $6,000; and the price index for the year is 110.
Determine the approximate valuation of the final inventory by the dollar-value, LIFO-retail method. $__________
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Financial Accounting Information For Decisions
Authors: John J Wild
3rd Edition
0072974729, 978-0072974720
