On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net narkups Net narkdowns Net sales Retail price index, end of year Beginning inventory Plus: Net purchases Estimate ending inventory using the dollar-value LIFO retail method. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.) Net markups Less: Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Base layer cost-to-retail percentage 2024 layer cost-to-retail percentage Less: Net sales Cost $ 57,200 231,840 Answer is complete but not entirely correct. Estimated ending inventory at current year retail prices Estimated ending inventory at cost Retail $ 88,000 370,000 8,000 10,000 347,000 1.04 Cost 57.200 231,840 231,840 289,040 37,8674 $ Retail 88.000 370,000 8.000 (10,000) 368,000 456,000 (347,000) 109,000 Cost-to- retail Ratio 70.00% 67.00%

On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net narkups Net narkdowns Net sales Retail price index, end of year Beginning inventory Plus: Net purchases Estimate ending inventory using the dollar-value LIFO retail method. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.) Net markups Less: Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Base layer cost-to-retail percentage 2024 layer cost-to-retail percentage Less: Net sales Cost $ 57,200 231,840 Answer is complete but not entirely correct. Estimated ending inventory at current year retail prices Estimated ending inventory at cost Retail $ 88,000 370,000 8,000 10,000 347,000 1.04 Cost 57.200 231,840 231,840 289,040 37,8674 $ Retail 88.000 370,000 8.000 (10,000) 368,000 456,000 (347,000) 109,000 Cost-to- retail Ratio 70.00% 67.00%

Name: Vinubhai On January 1, 2024, Select Variety Store adopted the dollar-v
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Description: Vinubhai On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided thefollowing information:Beginning inventoryNet purchasesNet markupsNet narkdownsNet salesRetail price index, end of

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 36E: The following data were extracted from the accounting records of Harkins Company for the year ended...

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