Question: Please explain how you find the answers! I've tried everything I can think of. On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO
Please explain how you find the answers! I've tried everything I can think of.
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Cost Retail Beginning inventory Net purchases Net markups $ 45,650 $ 83,000 181,790 345,000 9,000 Net markdowns Net sales 11,000 322,000 1.04 Retail price index, end of year During 2022, purchases at cost and retail were $220,500 and $441,000, respectively. Net markups, net markdowns, and net sales for the year were $10,000, $11,000, and $355,000, respectively. The retail price index at the end of 2022 was 1.05. Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.) X Answer is not complete. Ending inventory
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