Green Acres Co. has elected to use the dollar-value LIFO retail method to value its...
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Accounting
Green Acres Co. has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Pertinent retail price indexes:
Cost
Retail
Merchandise inventory, January 1, 2021
$
232,870
$
365,000
Net purchases
488,000
755,000
Net markups
10,300
Net markdowns
2,800
Net sales
552,200
January 1, 2021
1.00
December 31, 2021
1.10
Required: Estimate the cost of ending inventory for December 31, 2021. (Round "Cost-to-retail percentage" to 2 decimal places.)
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