Intella, Inc. adopted the dollar-value retail LIFO method on January 1, 2006. The following data apply to
Question:
Intella, Inc. adopted the dollar-value retail LIFO method on January 1, 2006. The following data apply to the 4 subsequent years:
In addition the following price indexes are available:
January 1, 2006 ........100
December 31, 2006 ........105
December 31, 2007 ........110
December 31, 2008 ........120
December 31, 2009 ........125
Required
Compute the inventory at the end of each of the 4years.
Transcribed Image Text:
Cost Retail Cost Retail 2006 Inventory, January 1 $40,000 80,000 2008 Purchases $117,600 $280,000 260,000 200,000 2009 Purchases 47,200 320,000 00,000 85,500 190,000 Sales Sales 2007 Purchases Sales 92,000 230,000 210,000 Sales
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2006 2007 2008 2009 Cost Retail Cost Retail Cost Retail Cost Retail Beginning inventory 40000 80000 ...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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