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Estimate the ending inventory for december

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Reference no: EM13851647

Charleston company has elected to use the dollar-value lifo retail method to value its inventory. the following data has been accumulated from the accounting records:

 

 

Cost

Retail

Merchandise inventory, January 1, Net purchases

Net markups

Net markdowns

Net sales

Pertinent retail price indexes: January 1, 2016

December 31, 2016

2016

$ 306,240

664,088

1.00
1.10

$     480,000

1,018,000
13,800
3,800
639,000

Required:

Estimate the ending inventory for December 31. 2016.

Reference no: EM13851647

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