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 Cost Retail $ 55,250 $ 85,000 222,390 355,000 5,000 7,000 332,000 1.02 During 2022, purchases at cost and retail were $275,700 and $459,500, respectively. Net markups, net markdowns, and net sales for the year were $4,000, $5,000, and $365,000, 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.)

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 Cost Retail $ 55,250 $ 85,000 222,390 355,000 5,000 7,000 332,000 1.02 During 2022, purchases at cost and retail were $275,700 and $459,500, respectively. Net markups, net markdowns, and net sales for the year were $4,000, $5,000, and $365,000, 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.)

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 36E: The following data were extracted from the accounting records of Harkins Company for the year ended...

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