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4) Harlequin Co. adopted the dollar-value LIFO retail method at the beginning of 2018 (its base year). The following info is for 2018. Cost $36,000 112,000 Retail Beginning inventory $72,000 Net purchases 204,000 Net Markups 6,000 Net markdowns (10,000) Net sales 185,000 Retail price index, Dec. 31, 2018 1.06 Required: Calculate ending inventory for 2018 (rounded to nearest dollar).

4) Harlequin Co. adopted the dollar-value LIFO retail method at the beginning of 2018 (its base year). The following info is for 2018. Cost $36,000 112,000 Retail Beginning inventory $72,000 Net purchases 204,000 Net Markups 6,000 Net markdowns (10,000) Net sales 185,000 Retail price index, Dec. 31, 2018 1.06 Required: Calculate ending inventory for 2018 (rounded to nearest dollar).

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4) Harlequin Co. adopted the dollar-value LIFO retail method at the beginning of 2018 (its base year). The following info is for 2018. Cost $36,000 112,000 Retail $72,000 204,000 6,000 Beginning inventory Net purchases Net Markups Net markdowns (10,000) Net sales 185,000 Retail price index, Dec. 31, 2018 1.06 Required: Calculate ending inventory for 2018 (rounded to nearest dollar).
Transcribed Image Text:4) Harlequin Co. adopted the dollar-value LIFO retail method at the beginning of 2018 (its base year). The following info is for 2018. Cost $36,000 112,000 Retail $72,000 204,000 6,000 Beginning inventory Net purchases Net Markups Net markdowns (10,000) Net sales 185,000 Retail price index, Dec. 31, 2018 1.06 Required: Calculate ending inventory for 2018 (rounded to nearest dollar).
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