Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to
Question:
Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years:
In addition, the following price indexes are available:
Required:
Compute the inventory at the end of each of the 4 years. Round the cost-to-retail ratio to 3 decimal places.
Transcribed Image Text:
Retail Retail Cost Cost $ 80,000 2020 Purchases Sales 2021 Purchases Sales $117,600 $280,000 260,000 320,000 300,000 2018 $40,000 85,500 Inventory, January 1 Purchases Sales Purchases Sales 190,000 200,000 230,000 210,000 147,200 2019 92,000 January 1, 2018 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 100 120 105 125 110
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Beginning inventory Costtoretail ratio Purchases Costtoretail ratio Goods available for sale Sales E...View the full answer
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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