E 9-21 Dollar-value LIFO retail
Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provides the following information:
Merchandise Inventory, Jan 1, 2011 Cost 160,000 Retail 250,000
Net Purchases Cost 350,200 Retail 510,000
Net Markups Retail 7,000
Net Markdowns Retail 2,000
Net Sales Retail 380,000
Pertinent retail price indexes are as follows
January 1, 2011 1.00
December 31, 2011 1.10
Required:
Determine ending inventory and cost of goods sold.
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