Skysong Inc. had beginning inventory of $36,000 at cost and $60,000 at retail. Net purchases were $360,000 at cost and $510.000 at retail. Net markups were $30,000, net markdowns were $21,000, and sales revenue was $441,000. Assume the price level increased from 100 at the beginning of the year to 115 at year-end. Compute ending inventory at cost using the dollar-value LIFO retail method. (Round ratios for computational purposes to 1 decimal place. eg. 78.7% and final answer to O decimal places, e.g. 28,987.) Ending inventory using the dollar-value LIFO retail method $
Skysong Inc. had beginning inventory of $36,000 at cost and $60,000 at retail. Net purchases were $360,000 at cost and $510.000 at retail. Net markups were $30,000, net markdowns were $21,000, and sales revenue was $441,000. Assume the price level increased from 100 at the beginning of the year to 115 at year-end. Compute ending inventory at cost using the dollar-value LIFO retail method. (Round ratios for computational purposes to 1 decimal place. eg. 78.7% and final answer to O decimal places, e.g. 28,987.) Ending inventory using the dollar-value LIFO retail method $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Skysong Inc. had beginning inventory of $36,000 at cost and $60,000 at retail. Net purchases were $360,000 at cost and $510,000 at
retail. Net markups were $30,000, net markdowns were $21,000, and sales revenue was $441,000. Assume the price level increased
from 100 at the beginning of the year to 115 at year-end.
Compute ending inventory at cost using the dollar-value LIFO retail method. (Round ratios for computational purposes to 1 decimal place.
e.g. 78.7% and final answer to O decimal places, e.g. 28,987.)
Ending inventory using the dollar-value LIFO retail method
$
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