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Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.)

Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.)

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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Subject  :- account 

I already asked this question, but the explaination given and the end results were not correct. Please include your working math so I may actually learn how to answer the question. Flounder Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $45,000 and a retail price of $100,000. The following information is available. 2024 2025 2026 2027 Year-End Inventory at Retail $119,700 137,640 Ending inventory 120,640 170,100 $ Current Year Cost-Retail% 60% 2024 55% 56% 65% Year-End Price Index $ 105 The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.) 111 116 126 2025 $ 2026 $ 2027
Transcribed Image Text:I already asked this question, but the explaination given and the end results were not correct. Please include your working math so I may actually learn how to answer the question. Flounder Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $45,000 and a retail price of $100,000. The following information is available. 2024 2025 2026 2027 Year-End Inventory at Retail $119,700 137,640 Ending inventory 120,640 170,100 $ Current Year Cost-Retail% 60% 2024 55% 56% 65% Year-End Price Index $ 105 The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.) 111 116 126 2025 $ 2026 $ 2027
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