Reference no: EM132485233
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information:
Cost Retail Beginning inventory $ 49,000 $ 70,000
Net purchases 189,040 280,000
Net markups 8,000
Net markdowns 10,000
Net sales 265,000
Retail price index, end of year 1.02
Point 1: During 2022, purchases at cost and retail were $210,990 and $324,600, respectively. Net markups, net markdowns, and net sales for the year were $5,000, $6,000, and $290,000, respectively. The retail price index at the end of 2022 was 1.06.
Question 1: 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.)
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