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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 % %

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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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
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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