Novak Inc. had a beginning inventory of 34800 at cost and 58000 at retail net...
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Novak Inc. had a beginning inventory of 34800 at cost and 58000 at retail net purchases were 348000 at cost and 493000 at recall. Net markups were 29,000, net markdowns were 20,300, and sales revenue was 426,300. 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. Please help! The previous incorrect answers have been 88044 and 133400. Thank you in advance for your help! I will upvote a correct answer!
Current Attempt in Progress Novak Inc. had beginning inventory of $34,800 at cost and $58,000 at retail. Net purchases were $348,000 at cost and $493,000 at retail. Net markups were $29,000, net markdowns were $20,300, and sales revenue was $426,300. 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 $
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