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%)

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…