Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016. A

Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016. Available information follows:
  The inventory at January 1, 2016, had a retail value of $36,000 and a cost of $29,570 based on the conventional retail method. Transactions during 2016 were as follows:   Cost Retail Gross purchases $ 165,860   $ 400,000   Purchase returns   5,600     29,000   Purchase discounts   4,100         Gross sales         323,000   Sales returns         10,000   Employee discounts         3,500   Freight-in   30,000         Net markups         16,000   Net markdowns         29,000    

 
Sales to employees are recorded net of discounts. The retail value of the December 31, 2017, inventory was $87,450, the cost-to-retail percentage for 2017 under the LIFO retail method was 67%, and the appropriate price index was 106% of the January 1, 2017, price level. The retail value of the December 31, 2018, inventory was $41,965, the cost-to-retail percentage for 2018 under the LIFO retail method was 66%, and the appropriate price index was 109% of the January 1, 2017, price level.

 
Required:
1. Estimate ending inventory for 2016 using the conventional retail method.
2. Estimate ending inventory for 2016 assuming Raleigh Department Store used the LIFO retail method.
3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2017. Estimating ending inventory for 2017 and 2018.

Estimate ending inventory for 2016 assuming Raleigh Department Store used the LIFO retail method.

these are the right number I'm having a hard time figuring out DVL in retail cost 2017 ???

Inventory at 2016 –

Conventional Retail Method = Retail @ 77,500 Cost @ 39,525

LIFO Retail Method                 = Retail @ 77,500 Cost @ 51,150

 

Inventory at 2017 using Dollar Value LIFO method =??

Inventory at 2018 using Dollar Value LIFO method = $25,410

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