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Estimate ending inventory

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Question - On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information:

Cost Retail Beginning inventory $40,800 $68,000

Net purchases 155,440 270,000

Net markups 6,000

Net markdowns 8,000

Net sales 250,000

Retail price index, end of year 1.02

During 2019, 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 2019 was 1.06.

Estimate ending inventory in 2019 using the dollar-value LIFO retail method.

Reference no: EM132607649

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