Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2024. Information for 2024 and 2025 is as follows, with certain data intentionally omitted: Required: Determine the missing data. Note: Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12.34%). Date Inventory, 1/1/2024 Inventory, 12/31/2024 2025 net purchases 2025 net sales Inventory, 12/31/2025 $ Cost Inventory 21,300 $ 26,466 60,950 Retail 30,000 37,800 92,000 69,800 Retail Price Index 1.00 1.05 1.50 Cost-to-Retail Percentage % %
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2024. Information for 2024 and 2025 is as follows, with certain data intentionally omitted: Required: Determine the missing data. Note: Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12.34%). Date Inventory, 1/1/2024 Inventory, 12/31/2024 2025 net purchases 2025 net sales Inventory, 12/31/2025 $ Cost Inventory 21,300 $ 26,466 60,950 Retail 30,000 37,800 92,000 69,800 Retail Price Index 1.00 1.05 1.50 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 2024. Information for 2024 and 2025 is as follows,
with certain data intentionally omitted:
Required:
Determine the missing data.
Note: Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12.34%).
Date
Inventory, 1/1/2024
Inventory, 12/31/2024
2025 net purchases
2025 net sales
Inventory, 12/31/2025
$
Cost
Inventory
21,300 $
26,466
60,950
Retail
30,000
37,800
92,000
69,800
Retail Price
Index
1.00
1.05
1.50
Cost-to-Retail
Percentage
%
%
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