The Henry Store has the following data for inventory Cost Retail Inventory, January 1 $200,000 $400,000 Purchases for January 360,000 480,000 Sales for January 440,000 The store uses the dollarvalue LIFO retail method The price index for the year is 1 08 The price index that pertains to the beginni...

Calculating the Ending Inventory at Cost using DollarValue LIFO Retail Method The dollarvalue LIFO retail method helps us determine the cost of ending ...

The Henry Store has the following data for inventory: Cost Retail Inventory, January 1 $200,000 $400,000 Purchases

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Question:

The Henry Store has the following data for inventory:

	Cost	Retail
Inventory, January 1	$200,000	$400,000
Purchases for January	360,000	480,000
Sales for January		440,000

The store uses the dollar−value LIFO retail method. The price index for the year is 1.08. The price index that pertains to the beginning inventory is 1.00.

What is the cost of the ending inventory at January 31? (Round any percentages to two decimal places, X.XX%, and your final answer to the nearest dollar.)