Please help me Lastly, estimate inventory at July 31 using the LIFO retail method by completing the following table.•Note: Use the result EXACTLY as displayed above in the calculations below.Current YearInventory at Year-EndRetail PricesInventoryLayers atRetail Prices0 Beginning Inventory $Current Year$Layers atRetail Prices00CostRatio0 $0$Current YearEnding Inventory atLIFO Cost000 Estimating Inventory Using LIFO Retail MethodDean Company uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the inventory at July 31 follow.RetailFor Six-Months Ended July 31 CostBeginning inventory, January 31 $810,000 $1,125,000Purchases4,590,000 7,087,500Markups, net787,500Sales7,762,500Markdowns, net562,500RequiredEstimate inventory at July 31 using the LIFO retail method.First, compute current year-end inventory at retail prices:• Note: Do not use negatives signs with your answers.Total goods available for sale at retail $Less: Net salesEstimated ending inventory at retail $Next, compute the cost ratios:Cost RatioBeginning InventoryCurrent YearNumerator0 +0+000Denominator0 =0 =Result

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Description: Please help me Lastly, estimate inventory at July 31 using the LIFO retail method by completing the following table.•Note: Use the result EXACTLY as displayed above in the calculations below.Current YearInventory at Year-EndRetail PricesInventoryLaye

The inventory can be valued using various methods as LIFO, FIFO and weighted average method. Using…

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Estimating Inventory Using LIFO Retail Method Dean Company uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the inventory at July 31 follow. For Six-Months Ended July 31 Beginning inventory, January 31 Purchases Markups, net Sales Markdowns, net Cost Retail $810,000 $1,125,000 4,590,000 7,087,500 787,500 7,762,500 562,500 Required Estimate inventory at July 31 using the LIFO retail method.

Estimating Inventory Using LIFO Retail Method Dean Company uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the inventory at July 31 follow. For Six-Months Ended July 31 Beginning inventory, January 31 Purchases Markups, net Sales Markdowns, net Cost Retail $810,000 $1,125,000 4,590,000 7,087,500 787,500 7,762,500 562,500 Required Estimate inventory at July 31 using the LIFO retail method.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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