onnie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $43,000 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 2013 $127,200 59% 106 2014 149,850 62% 111 2015 128,800 63% 115 2016 165,000 60% 125 The price index at January 1, 2013, is 100. Compute the ending inventory at December 31 of the years 2013–2016. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987
onnie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $43,000 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 2013 $127,200 59% 106 2014 149,850 62% 111 2015 128,800 63% 115 2016 165,000 60% 125 The price index at January 1, 2013, is 100. Compute the ending inventory at December 31 of the years 2013–2016. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987
Chapter1: Financial Statements And Business Decisions
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Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $43,000 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 |
|||||
| 2013 | $127,200 | 59% | 106 | ||||
| 2014 | 149,850 | 62% | 111 | ||||
| 2015 | 128,800 | 63% | 115 | ||||
| 2016 | 165,000 | 60% | 125 |
The price index at January 1, 2013, is 100.
Compute the ending inventory at December 31 of the years 2013–2016. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987)
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