Question: Your answer is incorrect, Ivanhoe Variety Store uses the LIFO retail inventory method. Information relating to the computation of the inventory at December 31.2021, follows:

Your answer is incorrect, Ivanhoe Variety Store uses the LIFO retail inventory method. Information relating to the computation of the inventory at December 31.2021, follows: Cost Retail Inventory, January 1, 2021 $141,000 $224.000 Purchases 486,000 705,000 Freight-in 81.500 Sales 753.500 Net markups 165,000 Net markdowns 77,000 Assuming that there was no change in the price index during the year, compute the inventory at December 31, 2021, using the LIFO retail inventory method. (Round ratio to 2 decimal places, eg. 75.35% and final answer to 0 decimal places, eg. 5,275) Inventory at December 31, 2021 $ eTextbook and Media eTextbook Assistance Used

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