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On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning...

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Accounting

On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $110,000 and $292,950, respectively. Net purchases during the year at cost and at retail were $707,200 and $872,000, respectively. Markups during the year were $12,000. There were no markdowns. Net sales for 2021 were $866,150. The retail price index at the end of 2021 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2021 balance sheet?

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