Harlequin Co. adopted the dollar-value LIFO retail method at the beginning of 2021 (its base year). Its beginning invent...
Harlequin Co. adopted the dollar-value LIFO retail method at the beginning of 2021 (its base year). Its beginning inventory for 2021 was $38,500 at cost and $74,500 at retail prices. At the end of 2021, it computed its estimated ending inventory at retail to be $115,000. Assuming its cost-to-retail percentage for 2021 transactions was 40%, and that the retail price index at the end of 2021 was 1.3, what is the inventory balance that Harlequin Co. would report in its 12/31/2021 balance sheet?
Homework Answers
| COST TO RETAIL PERCENTAGE | 40% |
| PRICE INDEX (1.3*40%) | 0.52 |
| OPENING INVENTORY VALUE | $ 38,500.00 |
| CLOSING INVENTORY VALUE | $ 46,000.00 |
| ENDING VALUE AS PER INFLATION | |
| = 46000 / 0.52 | $ 88,461.54 |
| = 88461.54 - 46000 | $ 49,961.54 |
| GROSS UP VALUE | $ 25,980.00 |
| =49961.54 * 0.52 | |
| dollar value lifo method | |
| OPENING INVENTORY VALUE | $ 38,500.00 |
| GROSS UP VALUE | $ 25,980.00 |
| dollar value lifo method | $ 64,480.00 |
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Harlequin Co. adopted the dollar-value LIFO retail method at the beginning of 2021 (its base year). Its beginning invent...
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