Return to question Charleston Company has elected to use the dollar-value LIFO retail method to value...

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Return to question Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Cost Merchandise inventory, January 1, 2024 Net purchases $ 265,440 647,948 1.00 1.10 Net markups Net markdowns Net sales Pertinent retail price indexes: January 1, 2024 December 31, 2024 Required: Estimate the ending inventory for December 31, 2024. Note: Round "Cost-to-retail percentage" to 2 decimal places. Answer is complete but not entirely correct. Estimated ending inventory (At Retail) $ 836,000 Estimated ending inventory (At Cost) $ 606,623 x Retail $ 420,000 1,012,000 13,200 3,200 606,000 Return to question Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Cost Merchandise inventory, January 1, 2024 Net purchases $ 265,440 647,948 1.00 1.10 Net markups Net markdowns Net sales Pertinent retail price indexes: January 1, 2024 December 31, 2024 Required: Estimate the ending inventory for December 31, 2024. Note: Round "Cost-to-retail percentage" to 2 decimal places. Answer is complete but not entirely correct. Estimated ending inventory (At Retail) $ 836,000 Estimated ending inventory (At Cost) $ 606,623 x Retail $ 420,000 1,012,000 13,200 3,200 606,000

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The correct answer is Estimated ending inventory At Retail 836000 Estimated ending inventory At Cost ... View the full answer