Intermediate Accounting
1st Edition
ISBN: 9780132162302
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 10, Problem 10.25BE
LIFO Retail Inventory Method. Complete the following table to find the ending inventory under the Dollar Value LIFO retail inventory method. Round percentages to two decimal places.
Base-year price index 1.00
Current-Year price index 1.03
| Cost | Retail | Cost-to-Retail Ratio | |
| Beginning inventory | A | $ 36,400 | 74.18% |
| Purchases | 102,000 | 117,110 | |
| Net markups | B | ||
| Net markdowns | (3,600) | ||
| Current year layer | C | 132,910 | D |
| Goods available for sale | E | F | |
| Less: Sales | 106,000 | ||
| Ending inventory at retail | G | ||
| Ending Inventory at Base-year Prices = Ending Inventory at Retail/Price Index | H | J | |
| I |
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Chapter 10 Solutions
Intermediate Accounting
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