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Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to...

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Accounting

Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information:
Cost Retail
Merchandise inventory, January 1,2024 $ 160,000 $ 250,000
Net purchases 350,200510,000
Net markups 7,000
Net markdowns 2,000
Net sales 380,000
Related retail price indexes are as follows:
January 1,20241.00
December 31,20241.10
Required:
Determine ending inventory at cost and retail and cost of goods sold using the information provided.

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