Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time the inventory had a cost of $54,000 and a retail price of $100,000. The following information is available. Year-End Inventory at Retail Current Year Cost—Retail % Year-End Price Index 2019 $118,720 57% 106 2020 138,750 60% 111 2021 125,350 61% 115 2022 162,500 58% 125 The price index at January 1, 2019, is 100. Instructions Compute the ending inventory at December 31 of the years 2019–2022.
Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time the inventory had a cost of $54,000 and a retail price of $100,000. The following information is available. Year-End Inventory at Retail Current Year Cost—Retail % Year-End Price Index 2019 $118,720 57% 106 2020 138,750 60% 111 2021 125,350 61% 115 2022 162,500 58% 125 The price index at January 1, 2019, is 100. Instructions Compute the ending inventory at December 31 of the years 2019–2022.
Chapter1: Financial Statements And Business Decisions
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Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time the inventory had a cost of $54,000 and a retail price of $100,000. The following information is available.
| Year-End Inventory at Retail | Current Year Cost—Retail % | Year-End Price Index | |
| 2019 | $118,720 | 57% | 106 |
| 2020 | 138,750 | 60% | 111 |
| 2021 | 125,350 | 61% | 115 |
| 2022 | 162,500 | 58% | 125 |
The price index at January 1, 2019, is 100.
Instructions
Compute the ending inventory at December 31 of the years 2019–2022.
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