Question: Leslie, Ltd. used the LIFO retail inventory method to determine its ending inventory . The accounting records for the company contained the following relevant information:

Leslie, Ltd. used the LIFO retail inventory method to determine its ending inventory. The accounting records for the company contained the following relevant information:

What is the LIFO cost of the ending inventory?

Cost Retail Net purchases $79,000 S48,000 Sales 91,000 Beginning inventory 12,000 25,000 5,000 Net markups Net markdowns 4,000

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