Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 13 83 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%).) Date Inventory, 1/1/2021 Inventory, 12/31/2021 2022 net purchases 2022 net sales Inventory, 12/31/2022 $ Cost Inventory 30,000 $ 39,020 73,170 Retail 40,000 55,000 108,400 97,400 Retail Price Index 1.00 1.10 1.20 Cost-to-Retail Percentage % %
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 13 83 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%).) Date Inventory, 1/1/2021 Inventory, 12/31/2021 2022 net purchases 2022 net sales Inventory, 12/31/2022 $ Cost Inventory 30,000 $ 39,020 73,170 Retail 40,000 55,000 108,400 97,400 Retail Price Index 1.00 1.10 1.20 Cost-to-Retail Percentage % %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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%).)
Date
Inventory, 1/1/2021
Inventory, 12/31/2021
2022 net purchases.
2022 net sales
Inventory, 12/31/2022
$
Cost
Inventory
30,000 $
39,020
73,170
Retail
40,000
55,000
108,400
97,400
Retail
Price Index
1.00
1.10
1.20
Cost-to-Retail
Percentage
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