TASK #4 Dollar-value LIFO-retail method.Plank Co. uses the retail inventory method. The following information is available for the current year.Beginning inventoryPurchasesFreight-inEmployee discountsNet markupsNet markdownsSales revenueRetail$488,0001,660,000Cost$312,0001,180,00020,0008,00060,00080,0001,560,000Instructions1. Determine the approximate valuation of the final inventory by the dollar-value, LIFO-retail method whenthe index was 100, and that the index at year end is 112. Label all figures.2. Determine the approximate cost of goods sold at year-end.

Name: TASK #4 Dollar-value LIFO-retail method.Plank Co. uses the retail inv
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Description: TASK #4 Dollar-value LIFO-retail method.Plank Co. uses the retail inventory method. The following information is available for the current year.Beginning inventoryPurchasesFreight-inEmployee discountsNet markupsNet markdownsSales revenueRetail$488,0

Step 1: Calculate Cost-to-Retail RatioBeginning Inventory at Cost = $312,000Purchases =…

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Sales revenue structions Determine the approximate valuation of the final inventory by the dollar-value, LIFO-retail method when the index was 100, and that the index at year end is 112. Label all figures. Determine the approximate cost of goods sold at year-end.

Sales revenue structions Determine the approximate valuation of the final inventory by the dollar-value, LIFO-retail method when the index was 100, and that the index at year end is 112. Label all figures. Determine the approximate cost of goods sold at year-end.

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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