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 | $ | 261,630 | $ | 405,000 | ||
| Net purchases | 569,775 | 795,000 | ||||
| Net markups | 11,100 | |||||
| Net markdowns | 3,600 | |||||
| Net sales | 623,400 | |||||
| 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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