dollar-value lifo retailon january 1 2011 the

Question

Dollar-Value LIFO retail

On January 1, 2011, The Granma Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2011:

                                                                                                                                 Cost                 Retail

Beginning inventory                                                                                                 $71,280         $132,000

Net Purchases                                                                                                           112,500         255,000

Net markups                                                                                                                                     6,000

Net markdowns                                                                                                                               11,000

Net Sales                                                                                                                                          232,000

Retail price index, 12/31/11                                                                                                                 1.04

Required:

Calculate the estimated ending inventory and cost of goods sold for 2011.