Question

Sheffield Inc. had beginning inventory of $25,200 at cost and $42,000 at retail. Net purchases were $252,000 at cost and $357,000 at retail. Net markups were $21,000, net markdowns were $14,700, and sales revenue was $308,700. Assume the price level increased from 100 at the beginning of the year to 115 at year-end. Compute ending inventory at cost using the dollar-value LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to 0 decimal places, e.g. 28,987.)

Ending inventory using the dollar-value LIFO retail method $_________

(Give me please exactly answer for this blank space)

Answer 1

ANSWER
Explanation :
	Cost		Retail
Beginning Inventory	$         25,200		$            42,000
Net Purchases	$      2,52,000		$         3,57,000
Total	$      2,77,200		$         3,99,000
Net Markups			$            21,000
Totals	$      2,77,200		$         4,20,000
Deduct :
Net Markdown			$            14,700
Sales		$         3,08,700
Sales Return		$                   -	$         3,08,700
Employee Discounts			$                   -
Normal Shortage			$                   -
			$            96,600
Cost to Retail Ratio	0.66
= $277,200 / $420,000
Ending inventoy = $96,600 * 0.66
= $63,756