On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided
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On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information:
Estimate ending inventory using the dollar-value LIFO retail method and the information provided.
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Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost $ 40,800 155,440 Retail $ 68,000 270,000 6,000 8,000 250,000 1.02
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