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
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TASK #4 Dollar-value LIFO-retail method.
Plank Co. uses the retail inventory method. The following information is available for the current year.
Beginning inventory
Purchases
Freight-in
Employee discounts
Net markups
Net markdowns
Sales revenue
Retail
$488,000
1,660,000
Cost
$312,000
1,180,000
20,000
8,000
60,000
80,000
1,560,000
Instructions
1. 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.
2. Determine the approximate cost of goods sold at year-end.
Transcribed Image Text:TASK #4 Dollar-value LIFO-retail method. Plank Co. uses the retail inventory method. The following information is available for the current year. Beginning inventory Purchases Freight-in Employee discounts Net markups Net markdowns Sales revenue Retail $488,000 1,660,000 Cost $312,000 1,180,000 20,000 8,000 60,000 80,000 1,560,000 Instructions 1. 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. 2. Determine the approximate cost of goods sold at year-end.
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