Sacato Corporation started business January 1, 2020, and uses the LIFO retail method to estimate...
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Accounting
Sacato Corporation started business January 1, 2020, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2020:
|
| Cost |
| Retail |
| ||||||
| Beginning inventory | $ | 15,000 |
|
| $ | 23,000 |
| |||
| Purchases |
| 49,000 |
|
|
| 78,000 |
| |||
| Freight-in |
| 2,500 |
|
|
|
|
| |||
| Purchase returns |
| 1,700 |
|
|
| 2,600 |
| |||
| Net markups |
|
|
|
|
| 2,000 |
| |||
| Net markdowns |
|
|
|
|
| 4,100 |
| |||
| Net sales |
|
|
|
|
| 70,600 |
| |||
| Employee discounts |
|
|
|
|
| 700 |
| |||
The estimated ending inventory at retail is:
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