Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory....
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Accounting
Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Merchandise inventory, January 1, 2021 Net purchases Net markups Net markdowns Net sales Pertinent retail price indexes: January 1, 2021 December 31, 2021 Cost Retail $306,240 $ 480,000 664,088 1,018,000 13,800 3,800 639,000 1.00 1.10 Required: Estimate the ending inventory for December 31, 2021. (Round "Cost-to-retail percentage" to 2 decimal places.) $ 869,000 Estimated ending inventory (At Retail) Estimated ending inventory (At Cost)
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