On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year During 2022, purchases at cost and retail were $271,830 and $418,200, respectively. Net markups, net markdowns, and net sales for the year were $7,000, $8,000, and $340,000, respectively. The retail price index at the end of 2022 was 1.08. Cost Retail $ 56,000 $80,000 223,040 330,000 6,000 8,000 307,000 1.02 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.) Ending inventory This is a numeric cell, so please enter numbers only. X
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year During 2022, purchases at cost and retail were $271,830 and $418,200, respectively. Net markups, net markdowns, and net sales for the year were $7,000, $8,000, and $340,000, respectively. The retail price index at the end of 2022 was 1.08. Cost Retail $ 56,000 $80,000 223,040 330,000 6,000 8,000 307,000 1.02 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.) Ending inventory This is a numeric cell, so please enter numbers only. X
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....
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