The records of Heese Stores provided the following data for the year: Cost Retail...
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Accounting
The records of Heese Stores provided the following data for the year:
Cost Retail
(Base inventory) Inventory, January 1 $150,000 $ 250,000
Net purchases 830,800 1,318,000
Sales revenue 1,229,000
Other data are: Freight-in, $14,000; net markups, $8,000; net markdowns, $6,000; and the price index for the year is 110.
Determine the approximate valuation of the final inventory by the dollar-value, LIFO-retail method. $__________
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