Question
X Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December
X Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2021:
| Cost | Retail | |||||
| Inventory, January 1 | $ | 110,000 | $ | 159,000 | ||
| Purchases | 353,569 | 537,000 | ||||
| Net markups | 14,000 | |||||
| Net markdowns | 8,200 | |||||
| Net sales | 516,000 | |||||
Required: Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period. (Do not round your "Cost-to-retail percentage" and round your final answer to the nearest whole number.)
a. Estimated Ending Inventory ?
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
15th edition
77861612, 1259194078, 978-0077861612, 978-1259194078
