Kingbird Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a costof $142,968 and a retail price of $255,300. The following information is available:2024202520262027Year-EndInventory at Retail$279,700301,300283,900312.500EndinginventoryCurrent YearCost-Retail%55%202466%59%63%Year-EndPrice Index104108.110The 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 1 decimal place, eg78.7% and final answers to O decimal places, 28,987)119202520262027

Name: Kingbird Corporation adopted the dollar-value LIFO retail inventory m
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Description: Kingbird Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a costof $142,968 and a retail price of $255,300. The following information is available:2024202520262027Year-EndInventory

calculation of ending inventory for 2024,2025,2026 and 2027 are as follows

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Accounting

Kingbird Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $142,968 and a retail price of $255,300. The following information is available: 2024 2025 2026 2027 Year-End Inventory at Retail Ending $279,700 301,300 283,900 312,500 Current Year Cost-Retail% 2024 55% 66% 59% 63% Year-End Price Index 104 108 110 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 1 decimal place, eg 78.7% and final answers to O decimal places 28,987) 119 2025 2026 2027

Kingbird Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $142,968 and a retail price of $255,300. The following information is available: 2024 2025 2026 2027 Year-End Inventory at Retail Ending $279,700 301,300 283,900 312,500 Current Year Cost-Retail% 2024 55% 66% 59% 63% Year-End Price Index 104 108 110 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 1 decimal place, eg 78.7% and final answers to O decimal places 28,987) 119 2025 2026 2027

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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