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Dahlia adopted the dollar-value LIFO retail inventory method on January 1, 2020. The following information for 2020 was taken from the company's records: Retail $173,350 2,000 30,000 180,000 Net markdowns 4,000 The price index on January 1, 2020, was 100. On December 31, 2020, it was 105. Sales Net markups Cost Inventory, January 1, 2020 Purchases $24,300 147,740 Required: Compute the inventory value for December 31, 2020. Round to the nearest dollar.

Dahlia adopted the dollar-value LIFO retail inventory method on January 1, 2020. The following information for 2020 was taken from the company's records: Retail $173,350 2,000 30,000 180,000 Net markdowns 4,000 The price index on January 1, 2020, was 100. On December 31, 2020, it was 105. Sales Net markups Cost Inventory, January 1, 2020 Purchases $24,300 147,740 Required: Compute the inventory value for December 31, 2020. Round to the nearest dollar.

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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Dahlia adopted the dollar-value LIFO retail inventory method on January 1, 2020. The following information for 2020 was taken from the company's records: Retail $173,350 2,000 30,000 180,000 Net markdowns 4,000 The price index on January 1, 2020, was 100. On December 31, 2020, it was 105. Sales Net markups Cost Inventory, January 1, 2020 Purchases $24,300 147,740 Required: Compute the inventory value for December 31, 2020. Round to the nearest dollar.
Transcribed Image Text:Dahlia adopted the dollar-value LIFO retail inventory method on January 1, 2020. The following information for 2020 was taken from the company's records: Retail $173,350 2,000 30,000 180,000 Net markdowns 4,000 The price index on January 1, 2020, was 100. On December 31, 2020, it was 105. Sales Net markups Cost Inventory, January 1, 2020 Purchases $24,300 147,740 Required: Compute the inventory value for December 31, 2020. Round to the nearest dollar.
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