Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years: Cost Retail $117,600 $280,000 260,000 320,000 300,000 2018 Inventory, January 1 Purchases Sales 2019 Purchases Sales Cost Retail $40,000 $80,000 2020 Purchases 85,500 190,000 Sales 200,000 2021 Purchases 230,000 Sales 210,000 92,000 - In addition, the following price indexes are available: Ending inventory January 1, 2018 December 31, 2018 December 31, 2019 Required: Compute the inventory at the end of each of the 4 years. Round the cost-to-retail ratio to 3 decimal places and the final answers to the nearest dollar. 100 December 31, 2020 105 December 31, 2021 110 2018 147,200 2019 120 125 2020 2021
Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years: Cost Retail $117,600 $280,000 260,000 320,000 300,000 2018 Inventory, January 1 Purchases Sales 2019 Purchases Sales Cost Retail $40,000 $80,000 2020 Purchases 85,500 190,000 Sales 200,000 2021 Purchases 230,000 Sales 210,000 92,000 - In addition, the following price indexes are available: Ending inventory January 1, 2018 December 31, 2018 December 31, 2019 Required: Compute the inventory at the end of each of the 4 years. Round the cost-to-retail ratio to 3 decimal places and the final answers to the nearest dollar. 100 December 31, 2020 105 December 31, 2021 110 2018 147,200 2019 120 125 2020 2021
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Dollar-Value LIFO Retail
Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years:
Cost
Cost
Retail
$40,000
$117,600 $280,000
85,500
260,000
320,000
300,000
Retail
$80,000 2020 Purchases
190,000
Sales
200,000 2021 Purchases
230,000
Sales
210,000
In addition, the following price indexes are available:
2018 Inventory, January 1
Purchases
Sales
2019 Purchases
Sales
January 1, 2018
December 31, 2018
December 31, 2019
Required:
Ending inventory
92,000
Feedback
100 December 31, 2020
105
December 31, 2021
110
Compute the inventory at the end of each of the 4 years. Round the cost-to-retail ratio to 3 decimal places and the final answers to the
nearest dollar.
2018
147,200
2019
120
125
2020
2021
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