Intermediate accounting chapter 7! Will rate

Dollar-Value LIFO Retail The following information is obtained from Burger Company's records. Burger uses the dollar-value LIFO retail method. 2016 2017 2018 Cost Retail Cost Retail Cost Retail Purchases $202,400' $430,000 $238,500 $540,000 $240,100 $500,000 Net additional markups 20,000 30,000 10,000 Net markdowns 10,000 40,000 20,000 Sales 400,000 600,000 460,000 The company adopted LIFO on January 1, 2016, when the cost and retail values of the inventory were $40,000 and $100,000, respectively. The following price indexes were experienced by the Burger Company: January 1, 2016 100 December 31, 2017 115 December 31, 2016 108 December 31, 2018 120 Required Compute the cost of the ending inventory for 2016. Round the cost-to-retail ratio out to three decimal places. Round computations and final answers to the nearest dollar. BURGER COMPANY Calculation of ending inventory by Dollar-Value LIFO Retail inventory method 2016 Cost Retail Previous