Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records
Question:
Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information:
Related retail price indexes are as follows:
Required:
Determine ending inventory and cost of goods sold using the information provided.
Transcribed Image Text:
Merchandise inventory, January 1, 2024 Net purchases Net markups Net markdowns Net sales Cost $160,000 350,200 Retail $250,000 510,000 7,000 2,000 380,000
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