Answer
Step 1 |
Step 2 |
Step 3 |
||
Ending Inventory at Year end retail prices |
Ending Inventory at Year end BASE YEAR retail prices |
Inventory Layer at base year retail prices |
Inventory Layers converted to cost |
|
$264,870 |
$243,000 |
$243,000 |
$170,100 |
[243000 x 70% x 1.1] |
[ 264870 / 1.09 ] |
||||
Total ending Inventory at dollar value LIFO retail cost |
$170,100 |
Step 1 |
Step 2 |
Step 3 |
||
Ending Inventory at Year end retail prices |
Ending Inventory at Year end BASE YEAR retail prices |
Inventory Layer at base year retail prices |
Inventory Layers converted to cost |
|
$328,635 |
$301,500 |
$270,000 |
$189,000 |
[270000 x 70% x 1.1] |
[ 328635 / 1.09 ] |
$31,500 |
$27,468 |
[31500 x 80% x 1.09] |
|
Total ending Inventory at dollar value LIFO retail cost |
$216,468 |
You assemble the following information for Headland 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)...
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)...
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)...
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 $561,600 $720,000 921,600 1,152,000 9% Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $706,320 and (b) $876,360. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987.) (a)...
You assemble the following information for Coronado Department Store, which computes its inventory under the dollar-value LIFO method. Cost Retail $420,000 $600,000 Inventory on January 1, 2020 Purchases 768,000 960,000 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) $588,600 and (b) $730,300. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987.) $...
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 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 O decimal places, e.g. 78% and final answers to O 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 Bridgeport Department Store, which computes its inventory under the dollar-value LIFO method. Cost Retail Inventory on January 1, 2020 $294,000 $420,000 Purchases 537,600 672,000 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) $412,020 and (b) $511,210. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987.) (a)...
Exercise 9-26 You assemble the following information for Swifty Department Store, which computes its inventory under the dollar-value LIFO method. Cost Retail Inventory on January 1, 2020 $501,600 $660,000 Purchases 844,800 1,056,000 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) $647,460 and (b) $803,330. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g....