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Estimate the 2016 and 2017 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.

On January 1, 2016, ABC Company adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016 and 2017 are as follows:

 

2016

2017

 

Cost

Retail

Cost

Retail

Beginning inventory

$28,000

$ 40,000

 

 

Net purchases

85,000

108,000

$90,000

$114,000

Freight-in

2,000

 

2,500

 

Net markups

 

10,000

 

8,000

Net markdowns

 

2,000

 

2,200

Net sales to customers

 

100,000

 

104,000

Price Index:

 

 

 

 

 January 1, 2016

 

 

 

1.00

 December 31, 2016

 

 

 

1.06

 December 31, 2017

 

 

 

1.10

Required:

Estimate the 2016 and 2017 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.

 

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