Question: This exercise is a continuation of BE 911. During 2022, purchases at cost and retail were $168,000 and $301,000, respectively. Net markups, net markdowns, and

This exercise is a continuation of BE 9–11. During 2022, 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 2022 was 1.06. Estimate ending inventory in 2022 using the dollar-value LIFO retail method and the information provided.

BE 9–11

Cost Retail $ 40,800 $ 68,000 Beginning inventory Net purchases Net markups 155,440 270,000 6,000 Net markdowns 8,000 250,000 Net sales Retail price index, end of year 1.02

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Cost Retail Beginning inventory 50451 86000 PlusNet purchases 168000 301000 Net markups 3000 LessNet ... View full answer

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