Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories.

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Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2018:

	Cost		Retail
Inventory, January 1	$	110,000	$	159,000
Purchases		353,569		537,000
Net markups				14,000
Net markdowns				8,200
Net sales				516,000

Required:
Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period.

Related Book For answer-question

Intermediate Accounting

ISBN: 9781259722660

9th Edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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Posted Date: Mar 12, 2024 03:40 AM

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Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories.

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Intermediate Accounting

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