Reference no: EM132957519
Question - The records of Blossom Stores provided the following data for the year:
Cost Retail (Base inventory)
Inventory, January 1 $158,500 $331,000
Net purchases 834,000 1,339,000
Sales revenue 1,226,500
Other data are: Freight-in, $17,000; net markups, $9,000; net markdowns, $6,500; and the price index for the year is 108.
Determine the approximate valuation of the final inventory by the dollar-value, LIFO-retail method.
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