Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $17,000 and its retail value was $20,000. Information for 2021 and 2022 is as follows: Date 12/31/2021 12/31/2022 Ending Inventory at Retail $35,000 $49,000 Retail Price Index 1.40 1.75 Cost-to-Retail Percentage 87% 90% Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2021? 2. Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. Complete this question by entering your answers in the tabs below.

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $17,000 and its retail value was $20,000. Information for 2021 and 2022 is as follows: Date 12/31/2021 12/31/2022 Ending Inventory at Retail $35,000 $49,000 Retail Price Index 1.40 1.75 Cost-to-Retail Percentage 87% 90% Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2021? 2. Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. Complete this question by entering your answers in the tabs below.

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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Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Cost Retail Merchandise inventory, January 1, 2024 $ 320,000 $ 500,000 Net purchases 670,000 1,020,000 Net markups 14,000 Net markdowns 4,000 Net sales 650,000 Pertinent retail price indexes: January 1, 2024 1.00 December 31, 2024 1.10 Required: Estimate the ending inventory for December 31, 2024. Note: Round "Cost-to-retail percentage" to the nearest whole percent..
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