Question

Presented below is information related to Blossom Corporation.

		Price Index		LIFO Cost		Retail
Inventory on December 31, 2017,
when dollar-value LIFO is adopted		100		$35,300		$70,000
Inventory, December 31, 2018		110		?		96,360

Compute the ending inventory under the dollar-value LIFO method at December 31, 2018. The cost-to-retail ratio for 2018 was 40%.

Ending inventory under the dollar-value LIFO method at December 31, 2018

$

Answer 1

solution 87600 Ending Inventory at retall (96360 & 101) Beginning Inventory at retall 70000 Increment at retall 17600 Cost Ending Inventory at LIFO : first Layer Second Layer (17600X10 X 40%-) 35300 켜나나 43044