Blossom Inc. had beginning inventory of $ 32,400 at cost and $ 54,000 at retail. Net purchases were $ 324,000 at cost and $ 459,000 at retail. Net markups were $ 27,000, net markdowns were $ 18,900, and sales revenue was $396,900. 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. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to O decimal places, e.g. 28,987.) Ending inventory using the dollar-value LIFO retail method $

Blossom Inc. had beginning inventory of $ 32,400 at cost and $ 54,000 at retail. Net purchases were $ 324,000 at cost and $ 459,000 at retail. Net markups were $ 27,000, net markdowns were $ 18,900, and sales revenue was $396,900. 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. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to O decimal places, e.g. 28,987.) Ending inventory using the dollar-value LIFO retail method $

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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