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Determine the approximate valuation of the final inventory

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Question - Dollar-value LIFO-retail method - The records of HEESE Stores provided the following data for the year:

 

Cost

Retail

(Base inventory) Inventory, January 1

$150,000

$250,000

Net purchases

$830,800

$1,318,000

Sales Revenue

 

$1,207,000

Other data are: Freight-in, $14,000; net markups, $8,000, net markdowns, $6,000 and the price index is 110.

Required - Determine the approximate valuation of the final inventory by the dollar-value, LIFO method.

Reference no: EM133094214

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