please please answer correctly this time with all working and steps so that I can understand clearly thanks need correct answer million thanks please show all work As of January 1, 2020, Bramble Inc. adopted the retail method of accounting for its merchandise inventory.To prepare the store's financial statements at June 30, 2020, you obtain the following data.Inventory, January 1MarkdownsMarkupsMarkdown cancellationsMarkup cancellationsPurchasesSales revenuePurchase returnsSales returns and allowancesCost$29,100112,0702,500Selling Price$39,60010,1009,8007,0002,900155,300154,5003,7007,300 Without prejudice to your solution to part (a), assume that you computed the June 30, 2020, inventory to be $61,560 at retail andthe ratio of cost to retail to be 73%. The general price level has increased from 100 at January 1, 2020, to 108 at June 30, 2020.Compute the June 30, 2020, inventory at the June 30 price level under the dollar-value LIFO retail method. (Round ratios forcomputational purposes to 2 decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.)Ending inventory at dollar-value LIFO cost $

LIFO method is the method to calculate closing inventory by the inventory that is purchased last is…

Without prejudice to your solution to part (a), assume that you computed the June 30, 2020, inventory to be $61,560 at retail and the ratio of cost to retail to be 73%. The general price level has increased from 100 at January 1, 2020, to 108 at June 30, 2020. Compute the June 30, 2020, inventory at the June 30 price level under the dollar-value LIFO retail method. (Round ratios for computational purposes to 2 decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.)

Without prejudice to your solution to part (a), assume that you computed the June 30, 2020, inventory to be $61,560 at retail and the ratio of cost to retail to be 73%. The general price level has increased from 100 at January 1, 2020, to 108 at June 30, 2020. Compute the June 30, 2020, inventory at the June 30 price level under the dollar-value LIFO retail method. (Round ratios for computational purposes to 2 decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.)

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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