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Sheridan Company manufactures one product. On December 31, 2019, Sheridan adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $970,000. Inventory data are as follows: Year 2020 Inventory at year-end prices $1,266,300 1,826,200 1,945,000 Price index (base year 2019) 1.05 1.15 1.25 2021 2022 Compute the inventory at December 31, 2020, 2021, and 2022, using the dollar-value LIFO method for each year. Inventory at December 31, 2020 $ Inventory at December 31, 2021 $ $ Inventory at December 31, 2022 $ Blossom Co. prepares monthly income statements. Inventory is counted only at year end; thus, month-end inventories must be estimated. All sales are made on account. The rate of mark-up on cost is 20%. The following information relates to the month of May. Accounts receivable, May 1 Accounts receivable, May 31 Collections of accounts during May Inventory, May 1 Purchases during May $20,000 12,000 80,000 44,000 55,000 Calculate the estimated cost of the inventory on May 31. Estimated cost of the inventory $ When you undertook the preparation of the financial statements for Pharoah Company at January 31, 2021, the following data were available: At Cost $91,020 Inventory, February 1, 2020 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchases returns and allowances Sales returns and allowances At Retail $99,300 34,000 62,300 19,600 9,200 295,000 330,000 5,800 10,600 222,500 4,400 Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. Ending inventory at cost $ $

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