Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 is as follows.with certain data intentionally omitted:Required:Determine the missing data. (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as12%).)InventoryRetailCost to RetailDateCostRetailPrice IndexPercentageInventory, 1/12021Inventory, 12/31/20212022 net purchases22.800 S30.0001.0032.00046.0001.1567,62098.00085,500ces2022 net salesinventory 12/31/20221.30

In this question we have to use the LIFO retail method LIFO means last in first out.

Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021 Information for 2021 and 20 with certain data intentionally omitted: Required: Determine the missing data (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 shoula 12%)

Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021 Information for 2021 and 20 with certain data intentionally omitted: Required: Determine the missing data (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 shoula 12%)

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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Question

Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 is as follows.
with certain data intentionally omitted:
Required:
Determine the missing data. (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as
12%).)
Inventory
Retail
Cost to Retail
Date
Cost
Retail
Price Index
Percentage
Inventory, 1/12021
Inventory, 12/31/2021
2022 net purchases
22.800 S
30.000
1.00
32.000
46.000
1.15
67,620
98.000
85,500
ces
2022 net sales
inventory 12/31/2022
1.30

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