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On January 1,2024, Select Variety Store adopted the dollar-value LIFO retail inventory method....

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Accounting

On January 1,2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Cost Retail Beginning inventory $ 42,350 $ 77,000 Net purchases 165,890315,000 Net markups 9,000 Net markdowns 11,000 Net sales 292,000 Retail price index, end of year 1.04 Estimate ending inventory using the dollar-value LIFO retail method.M

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