please answer within the format by providing formula the detailed working Please provide answer in text (Without image) Please provide answer in text (Without image) Please provide answer in text (Without image) Johns Company adopts the dollar-value LIFO retail inventory method on January 1, 2016. The following information for 2016 is obtained from Johns' records: Cost Retail Inventory, January 1, 2016 $20,000 $29,000 Purchases 60,000 92,000 Net additional markups — 1,000 Net markdowns — 3,000 Sales — 75,000 The price index on January 1, 2016, was 100, and on December 31, 2016, it was 110. Required: Compute the cost of the inventory on December 31, 2016. Round the cost-to-retail ratio to three decimal places. JOHNS COMPANY Calculation of cost of inventory using Dollar-Value LIFO December 31, 2016 Cost Retail $ $ $ $ $ $ Ending inventory at retail $ Ending inventory at cost $
please answer within the format by providing formula the detailed working Please provide answer in text (Without image) Please provide answer in text (Without image) Please provide answer in text (Without image) Johns Company adopts the dollar-value LIFO retail inventory method on January 1, 2016. The following information for 2016 is obtained from Johns' records: Cost Retail Inventory, January 1, 2016 $20,000 $29,000 Purchases 60,000 92,000 Net additional markups — 1,000 Net markdowns — 3,000 Sales — 75,000 The price index on January 1, 2016, was 100, and on December 31, 2016, it was 110. Required: Compute the cost of the inventory on December 31, 2016. Round the cost-to-retail ratio to three decimal places. JOHNS COMPANY Calculation of cost of inventory using Dollar-Value LIFO December 31, 2016 Cost Retail $ $ $ $ $ $ Ending inventory at retail $ Ending inventory at cost $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Johns Company adopts the dollar-value LIFO retail inventory method on January 1, 2016. The following information for 2016 is obtained from Johns' records:
| Cost | Retail | |
|---|---|---|
| Inventory, January 1, 2016 | $20,000 | $29,000 |
| Purchases | 60,000 | 92,000 |
| Net additional markups | — | 1,000 |
| Net markdowns | — | 3,000 |
| Sales | — | 75,000 |
The price index on January 1, 2016, was 100, and on December 31, 2016, it was 110.
Required:
Compute the cost of the inventory on December 31, 2016. Round the cost-to-retail ratio to three decimal places.
| JOHNS COMPANY | ||
| Calculation of cost of inventory using Dollar-Value LIFO | ||
| December 31, 2016 | ||
| Cost | Retail | |
| $ | $ | |
| $ | ||
| $ | ||
| $ | $ | |
| Ending inventory at retail | $ | |
| Ending inventory at cost | $ |
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