Plank Co. uses the retail inventory method. The following information is available for the current year. Cost
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Question:
Plank Co. uses the retail inventory method. The following information is available for the current year.
Cost | Retail | |
Beg Inv | $ 312,000 | $ 488,000 |
Purchase | 1,180,000 | 1,660,000 |
Freight-in | 20,000 | - |
Employee discount | - | 8,000 |
Net mark ups | - | 60,000 |
Net mark downs | - | 80,000 |
Sales Revenues | - | 1,560,000 |
Assuming that the LIFO inventory method is used, that the beginning inventory is the base inventory when the index was 100, and that the index at year end is 112, what is the ending inventory at dollar-value LIFO retail cost?
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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