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On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: During 2022, purchases at cost
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: During 2022, purchases at cost and retail were $239 , 000 and $478 , 000 , respectively. Net markups, net markdowns, and net sales for the year were $6 , 000 , $7 , 000 , and $375 , 000 , respectively. The retail price index at the end of 2022 was 1.05. Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.) Answer is complete but not entirely correct. On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: During 2022, purchases at cost and retail were $239 , 000 and $478 , 000 , respectively. Net markups, net markdowns, and net sales for the year were $6 , 000 , $7 , 000 , and $375 , 000 , respectively. The retail price index at the end of 2022 was 1.05. Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.) Answer is complete but not entirely correct
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