On January 1, 2018, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $170,000 and $273,000, respectively. Net purchases during the year at cost and at retail were $719,200 and $890,000, respectively. Markups during the year were $9,000. There were no markdowns. Net sales for 2018 were $844,400. The retail price index at the end of 2018 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2018 balance sheet? (Do not round intermediate calculations.)

Answer rating: 100% (QA)

To find the inventory balance using the dollarvalue LIFO retail inventory method we first need to ca... View the full answer