Sacato Corporation started business January 1, 2020, and uses the LIFO retail method to estimate...
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Accounting
Sacato Corporation started business January 1, 2020, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2020:
Cost
Retail
Beginning inventory
$
15,000
$
23,000
Purchases
49,000
78,000
Freight-in
2,500
Purchase returns
1,700
2,600
Net markups
2,000
Net markdowns
4,100
Net sales
70,600
Employee discounts
700
The estimated ending inventory at retail is:
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