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BE 9-11 Dollar-value LIFO retail LO9-5 On January 1,2024,...

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Accounting

BE 9-11
Dollar-value LIFO
retail
LO9-5
On January 1,2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting
records provided the following information:
Estimate ending inventory using the dollar-value LIFO retail method and the information provided.
BE 9-12
Dollar-value LIFO
retail
LO9-5
This exercise is a continuation of BE 9-11. During 2025(the following year), 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 2025 was 1.06. Estimate ending inven-
tory in 2025 using the dollar-value LIFO retail method and the information provided.
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