Retail $ 56,000 $ 80,000 223,040 330,000 6,000 8,000 307,000 1.02 Cost 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. 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

Retail $ 56,000 $ 80,000 223,040 330,000 6,000 8,000 307,000 1.02 Cost 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. 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

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 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....

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