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Calculate the inventory value

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Reference no: EM13882647

This exercise is a continuation of BE.
In BE, On January 1, 2013, Sanderson Variety Store adopted the dollar value LIFO retail inventory method. Accounting records provided the following information:

342_270-B-A-V-I (1017).png

During 2014, purchases at cost and retail were $168,000 and $301,000, respectively. Net markups, net markdowns, and net sales for the year were $3,000, $4,000, and $280,000, respectively. The retail price index at the end of 2014 was 1.06. Calculate the inventory value at the end of 2014 using the dollar value LIFO retailmethod.

Reference no: EM13882647

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