Question: This exercise is a continuation of BE. In BE, On January 1, 2013, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records

This exercise is a continuation of BE.

In BE, On January 1, 2013, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information:

During 2014, 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 2014 was 1.06. Calculate the inventory value at the end of 2014 using the dollar-value LIFO retailmethod.

Cost Retail Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year $ 68,000 270,000 6,000 8,000 250,000 1.02 $40,800 155,440

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