Rose, Inc. uses the dollar-value LIFO retail inventory method. For years ending 2015-2019 they counted the following dollar amounts for inventory at retail prices

2015 $124,000

2016 $138,600

2017 $157,500

2018 $149,240

2019 $155,700

As far as prices are concerned, the following year end price indexes were estimated as:

2015 1.00

2016 1.04

2017 1.10 (10 percent higher prices than in 2015)

2018 1.13

2019 1.15

The cost to retail percentage for those items added in each year were as follows – this means the comparison of purchases for cost versus retail has already been done and does not need to be repeated.

2015 60%

2016 61%

2017 62%

2018 63%

2019 62%

Required: Give the amounts that should be listed on the year-end balance sheet for each of the following years:

1. 2015

2. 2016

3. 2017

4. 2018

5. 2019

Answer rating: 100% (QA)

Step 1 Calculation for inventory retail price increasing A B C D BC E Previous D Years D Year Invent... View the full answer