On January 1, 2024, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $160,000 and $241,500, respectively. Net purchases during the year at cost and at retail were $725,600 and $896,000, respectively. Markups during the year were $11,000. There were no markdowns. Net sales for 2024 were $840,850. The retail price index at the end of 2024 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2024 balance sheet? Note: Do not round intermediate calculations. Multiple Choice О $234,400 $307,650 О $203,260 $246,120
On January 1, 2024, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $160,000 and $241,500, respectively. Net purchases during the year at cost and at retail were $725,600 and $896,000, respectively. Markups during the year were $11,000. There were no markdowns. Net sales for 2024 were $840,850. The retail price index at the end of 2024 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2024 balance sheet? Note: Do not round intermediate calculations. Multiple Choice О $234,400 $307,650 О $203,260 $246,120
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2024, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $160,000 and $241,500, respectively. Net purchases during the year at cost and at retail were $725,600 and $896,000, respectively. Markups during the year were $11,000. There were no markdowns. Net sales for 2024 were $840,850. The retail price index at the end of 2024 was 1.05 . What is the inventory balance that Coldstone would report in its 12/31/2024 balance sheet? Note: Do not round intermediate calculations. Multiple Choice $234,400 $307,650 $203,260 $246,120
Transcribed Image Text:On January 1, 2024, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $160,000 and $241,500, respectively. Net purchases during the year
at cost and at retail were $725,600 and $896,000, respectively. Markups during the year were $11,000. There were no markdowns. Net sales for 2024 were $840,850. The retail price index at the end of 2024 was 1.05.
What is the inventory balance that Coldstone would report in its 12/31/2024 balance sheet?
Note: Do not round intermediate calculations.
Multiple Choice
О
$234,400
$307,650
О
$203,260
$246,120
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