FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
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Dollar-Value LIFO Retail The following information is obtained from
Burger Company's records. Burger uses the dollar-value LIFO retail
method.
The company adopted LIFO on January 1, 2019, when the cost and retail
values of the inventory were $50,000 and $100,000, respectively. Burger
experienced the following price indexes:
Required:
Compute the cost of the ending inventory for 2019, 2020, and 2021.
Round the cost-to-retail ratio to 3 decimal places.
Transcribed Image Text:2019
2020
2021
Cost
Retoil
Cost
Retail
Cost
Retail
Purchases
Net odditional markups
Net morkdowns
Sales
$200,000 $420,000
20,000
10,000
400,000
$250,000 $50.000
30,000
40,000
600.000
$240,000 $500,000
10,000
20,000
450,000
Transcribed Image Text:January 1, 2019
December 31, 2019 108
December 31, 2020
December 31, 2021
100
115
120
:88
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