Question

This exercise is a continuation of BE.
In BE, On January 1, 2013, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information:



During 2014, 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 2014 was 1.06. Calculate the inventory value at the end of 2014 using the dollar-value LIFO retailmethod.


$1.99
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  • CreatedDecember 23, 2013
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