Question
The records of Tonia Stores provided the following data for the year: Cost Retail (Base inventory) Inventory, January 1 $153,500 $325,000 Net purchases 835,000 1,367,000
The records of Tonia Stores provided the following data for the year:
| Cost | Retail | |||||
| (Base inventory) | Inventory, January 1 | $153,500 | $325,000 | |||
| Net purchases | 835,000 | 1,367,000 | ||||
| Sales revenue | 1,223,000 |
Other data are: Freight-in, $12,500; net markups, $9,000; net markdowns, $7,000; and the price index for the year is 108.
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.)
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
978-0538453257
