Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021...

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Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 is as follo

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Answer 1

Answer #1

Cost-to-retail percentage ratios:

On 1st Jan' 2021

18500/25000*100=74%

On 31st Dec '2021

26864/35700*100=75%

Inventory,12/31/2022

Cost=18500+26864+65960=1,11,324

Since they are using LIFO method hence we will subtract 81000 out of last transaction which are purchases of 97000.Therefore, Retail cost as on 31st Dec '2022 would be=

(25000+35700+97000)-(81000 out of 97000)

=76,700

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Answer 2

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