Question: Lifo Dollar value method. 1. Nash Inc. had a beginning inventory of $10,920 at cost and $18,200 at retail. Net purchases were $128,030 at cost

Lifo Dollar value method.

1. Nash Inc. had a beginning inventory of $10,920 at cost and $18,200 at retail. Net purchases were $128,030 at cost and $180,800 at retail. Net markups were $9,600, net markdowns were $7,500, and sales revenue was $159,300. Compute ending inventory at cost using the LIFO retail method.

2. Swifty Inc. had a beginning inventory of $8,400 at cost and $14,000 at retail. Net purchases were $84,000 at cost and $119,000 at retail. Net markups were $7,000, net markdowns were $4,900, and sales revenue was $102,900. Assume the price level increased from 100 at the beginning of the year to 115 at year-end. Compute ending inventory at cost using the dollar-value LIFO retail method.

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