This exercise is a continuation of BE 9-11. During 2019, purchases at cost and retail were $168,000 and $301,000, respectively. Net markups, net markdowns, and net sales for the year were $3,000, $4,000, and $280,000, respectively. The retail price index at the end of 2019 was 1.06. Estimating ending inventory in 2019 using the dollar-value LIFO retail method.

In BE 9-11

On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information:

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Cost Retall 40,800 155,440 $ 68,000 270,000 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year 8,000 250,000 1.02