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%). Answer is complete but not entirely correct. Inventory Date Inventory, 1/1/2024 Inventory, 12/31/2024 Cost Retail Retail Price Index Cost-to-Retail Percentago $ 19,500 15 26,000 1.00 75.00 % 27,564 39,200 1.12 80.00 % 2025 net purchases 66,150 98,000 2025 not sales 84,400 Inventory, 12/31/2025 34,368 52,800 20

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%). Answer is complete but not entirely correct. Inventory Date Inventory, 1/1/2024 Inventory, 12/31/2024 Cost Retail Retail Price Index Cost-to-Retail Percentago $ 19,500 15 26,000 1.00 75.00 % 27,564 39,200 1.12 80.00 % 2025 net purchases 66,150 98,000 2025 not sales 84,400 Inventory, 12/31/2025 34,368 52,800 20

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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Crane Company adopted the dollar-value LIFO method on January 1, 2025 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. At Base-Year At Current-Year Inventory Cost Cost 1/1/25 $190,700 $190,700 12/31/25 251,800 276,980 12/31/26 256,100 286,832 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2026? Price index Dollar-value LIFO inventory A December 31, 2026
Flint Corporation began operations on January 1, 2025, with a beginning inventory of $30,360 at cost and $50,600 at retail. The following information relates to 2025. Net purchases ($108,290 at cost) Net markups Net markdowns Sales revenue Retail $149,600 10,000 4,900 128,300 * Assume instead that Flint decides to adopt the dollar-value LIFO retail method. The appropriate price indexes are 100 at January 1 and 110 at December 31. Compute the ending inventory to be reported in the balance sheet. (Round ratios for computational purposes to 2 decimal places, e.g. 78.72% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the dollar-value LIFO retail method $ 1
Inventory, 12/31/25 Purchases Purchase returns Purchase discounts Gross sales (before employee discounts) Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight in Employee discounts granted Loss from breakage (normal) Cost $158,500 752,100 42,300 11,400 37400 Retail $265.000 1,357,000 75,400 1,243,000 53,600 67,200 15,200 82,200 21,500 10.500 8.800
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As of January 1, 2020, Ivanhoe Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2020, you obtain the following data. Inventory, January 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchase returns Sales returns and allowances Cost $28,700 110,310 3,000 Selling Price $45,300 10,100 10,000 7,000 3,400 155,400 156,900 4,300 7,800
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