The records of Sheridan Stores provided the following data for the year: (Base inventory) Inventory,...
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Accounting
The records of Sheridan Stores provided the following data for the year: (Base inventory) Inventory, January 1 Net purchases Sales revenue Cost $154,500 830,000 Retail $278,000 1,304,000 1,229,500 Other data are: Freight-in, $16,000; net markups, $8,000; net markdowns, $6,500; and the price index for the year is 108. Determine the approximate valuation of the final inventory by the dollar-value, LIFO-retail method. (Round ratio to 2 decimal places, e.g. 75.35% and final answer to O decimal places, e.g. 5,275.) Final inventory $
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