On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost $ 49,000 189, 040 Retail $ 70,000 280,000 8,000 10,000 265,000 1.02 Estimate ending inventory using the dollar-value LIFO retail method. Note: Round ratio calculation to 2 decimal places fie. 0.1234 should be entered as 12.34%)

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Chapter1: Financial Statements And Business Decisions
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On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the
following information:
Beginning inventory
Net purchases
Net markups
Net markdowns
Net sales
Retail price index, end of year
Cost
$ 49,000
189, 040
Retail
$ 70,000
280,000
8,000
10,000
265,000
1.02
Estimate ending inventory using the dollar-value LIFO retail method.
Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)
Transcribed Image Text:On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost $ 49,000 189, 040 Retail $ 70,000 280,000 8,000 10,000 265,000 1.02 Estimate ending inventory using the dollar-value LIFO retail method. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)
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