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Sagot :
After solving, Ending inventory at retail is 420000, Ending Inventory at Cost is 239960 and Cost of goods sold is 314640.
In the given question, we have to determine ending inventory and cost of goods sold using the information provided.
Lance Hefner Specialty Shoppes Cost Retail Cost to Retail ratio
Beginning Inventory 182000 280000
Net Purchases 372600 535000
Add: Net Markups 10000
Less: Net Markdowns -5000
Goods Available for Sale
(excluding beginning inventory) 372600 540000
Goods Available for Sale
(including beginning inventory) 554600 820000
Cost-to-retail Percentage
($385000/550000) 69.00%
Net Sales -4,00,000.00
Ending Inventory at Retail 4,20,000
Ending Inventory at Cost 239960
Cost of goods sold 314640
Dollar-Value LIFO Retail Method
Ending Inventory Ending Inventory Inventory Layers Inventory Layers
at Year end at Base Year at Base Year Converted to
Retail Prices Retail Prices Retail Prices Cost
4,20,000 350000 2,80,000.00 182000
70,000.00 57960
Total Ending Inventory at dollar-value LIFO retail Cost = 239960
Hence,
Ending inventory at retail = 420000
Ending Inventory at Cost = 239960
Cost of goods sold = 314640
To learn more about LIFO Retail Method link is here
brainly.com/question/18649458
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