Homework Answers
| Cost | Retail | |
| Inventory on January 1, 2020 | $466,200 | $630,000 |
| Cost to Retail ratio in Beginning inventory ($466,200/$630,000*100) | 74% | |
| Purchases | $806,400 | $1,008,000 |
| Cost to Retail ratio in Purchases ($806,400/$1,008,000*100) | 80% | |
| a) | ||
| Inventory at 9% price level ($618,030/ (100% + 9%) = ($618,030/1.09) | $567,000 | |
| Cost of Inventory on December 31, 2020 ($567,000*74/400) | $419,580 | |
| b) | ||
| Inventory at 9% price level ($766,815/ (100% + 9%) = ($766,815/1.09) | $703,500 | |
| Less: Inventory on January 1, 2020 at retail | ($630,000) | |
| Excess | $73,500 | |
| Inventory at 9% price level of the excess at retail ($73,500/1.09) | $67,431.19 | |
| Inventory at 9% price level of the excess at Cost ($67,431.19*80/100) | $53,944.95 | |
| Add: Cost of Inventory on January 1, 2020 | $466,200 | |
| Cost of Inventory on December 31, 2020 | $520,144.95 | |
Add Answer to:
You assemble the following information for Oriole Department Store, which computes its inventory under the dollar-value...
- Your answer is partially correct. You assemble the following information for Oriole Department Store, which...
- Your answer is partially correct. You assemble the following information for Oriole Department Store, which computes its inventory under the dollar-value LIFO method. Inventory on January 1, 2020 Purchases Increase in price level for year Cost Retail $466,200 $630,000 806,400 1,008,000 9% Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $618,030 and (b) $766,815. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to...
You assemble the following information for Metlock Department Store, which computes its inventory under the dollar-value...
You assemble the following information for Metlock Department
Store, which computes its inventory under the dollar-value LIFO
method.
Cost
Retail
Inventory on January 1,
2020
$630,000
$900,000
Purchases
1,152,000
1,440,000
Increase in price level for
year
9%
Compute the cost of the inventory on December 31, 2020, assuming
that the inventory at retail is (a) $882,900 and (b) $1,095,450.
(Round ratios for computational purposes to 0 decimal
places, e.g. 78% and final answers to 0 decimal places, e.g.
28,987.)
(a)...
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You assemble the following information for Sweet Department Store, which computes its inventory under the dollar-value...
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You assemble the following information for Splish Department Store, which computes its inventory under the dollar-value...
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You assemble the following information for Headland Department Store, which computes its inventory under the dollar-value...
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You assemble the following information for Bridgeport Department Store, which computes its inventory under the dollar-va...
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- Your answer is partially correct. You assemble the following information for Oriole Department Store, which computes its inventory under the dollar-value LIFO method. Inventory on January 1, 2020 Purchases Increase in price level for year Cost Retail $466,200 $630,000 806,400 1,008,000 9% Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $618,030 and (b) $766,815. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to...
You assemble the following information for Metlock Department
Store, which computes its inventory under the dollar-value LIFO
method.
Cost
Retail
Inventory on January 1,
2020
$630,000
$900,000
Purchases
1,152,000
1,440,000
Increase in price level for
year
9%
Compute the cost of the inventory on December 31, 2020, assuming
that the inventory at retail is (a) $882,900 and (b) $1,095,450.
(Round ratios for computational purposes to 0 decimal
places, e.g. 78% and final answers to 0 decimal places, e.g.
28,987.)
(a)...
You assemble the following information for Swifty Department Store, which computes its inventory under the dollar-value LIFO method. Inventory on January 1, 2020 Purchases Increase in price level for year Cost Retail $250,800 $330,000 422,400 528,000 9% Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $323,730 and (b) $401,665. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.) (a)...
You assemble the following information for Sweet Department Store, which computes its inventory under the dollar-value LIFO method. Inventory on January 1, 2020 Purchases Increase in price level for year Cost Retail $187,200 $240,000 307,200 384,000 9% Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $235,440 and (b) $292,120. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.) (a)...
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You assemble the following information for Splish Department Store, which computes its inventory under the dollar-value LIFO method. Inventory on January 1, 2020 Purchases Increase in price level for year Cost Retail $294,000 $420,000 537,600 672,000 9% Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $412,020 and (b) $511,210. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.) (a)...
You assemble the following information for Ayayai Department Store, which computes its inventory under the dollar-value LIFO method. Inventory on January 1, 2020 Purchases Increase in price level for year Cost Retail $615,600 $810,000 1,036,800 1,296,000 9% Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $794,610 and (b) $985,905. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987.) (a)...
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