Question: how do you calculate the dollar value LIFO retail method? Sandhill Corporation began operations on January 1, 2017, with a beginning inventory of $18,224 at
how do you calculate the dollar value LIFO retail method?
Sandhill Corporation began operations on January 1, 2017, with a beginning inventory of $18,224 at cost and $49,600 at retail. The following information relates to 2017. Retail Net purchases ($108,900 at cost) $148,600 Net markups 10,200 Net markdowns 5,100 Sales revenue 128,500 Assume instead that Sandhill decides to adopt the dollar-value LIFO retail method. The appropriate price indexes are 100 at January 1 and 110 at December 31. Compute the ending inventory to be reported in the balance sheet. (Round ratios for computational purposes to 2 decimal places, e.g. 78.72% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the dollar-value LIFO retail method
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