Stellar Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $59,000 and a retail price of $100,000. The following information is available. Year-End Inventory at Retail Current Year Year-End Cost-Retail% Price Index 2024 $121,590 60% 105 2025 143,190 63% 111 2026 122,380 64% 116 2027 168,750 64% 125 The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.) 2024 Ending inventory $ $ 2025 $ 2026 $ 2027

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Stellar Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of
$59,000 and a retail price of $100,000. The following information is available.
Year-End
Inventory at Retail
Current Year
Year-End
Cost-Retail%
Price Index
2024
$121,590
60%
105
2025
143,190
63%
111
2026
122,380
64%
116
2027
168,750
64%
125
The price index at January 1, 2024, is 100.
Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to O decimal places, e.g.
78% and final answers to O decimal places, e.g. 28,987.)
2024
Ending
inventory
$
$
2025
$
2026
$
2027
Transcribed Image Text:Stellar Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $59,000 and a retail price of $100,000. The following information is available. Year-End Inventory at Retail Current Year Year-End Cost-Retail% Price Index 2024 $121,590 60% 105 2025 143,190 63% 111 2026 122,380 64% 116 2027 168,750 64% 125 The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.) 2024 Ending inventory $ $ 2025 $ 2026 $ 2027
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