heffield Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $128,480 and a retail price of $220,000. The following information is available: 2024 2025 2026 2027 Year-End Inventory at Retail $241,500 261,900 Ending inventory 250,800 281,400 $ Current Year Cost-Retail% 58% 2024 60% 61% 59% The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 1 decimal place, e.g. 8.7% and final answers to O decimal places, e.g. 28,987.) 133428 $ Year-End Price Index CA 105 108 110 120 2025 145500 $ 2026 139080 $ 2027
heffield Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $128,480 and a retail price of $220,000. The following information is available: 2024 2025 2026 2027 Year-End Inventory at Retail $241,500 261,900 Ending inventory 250,800 281,400 $ Current Year Cost-Retail% 58% 2024 60% 61% 59% The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 1 decimal place, e.g. 8.7% and final answers to O decimal places, e.g. 28,987.) 133428 $ Year-End Price Index CA 105 108 110 120 2025 145500 $ 2026 139080 $ 2027
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12P: Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at...
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Transcribed Image Text:Sheffield Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost
of $128,480 and a retail price of $220,000. The following information is available:
2024
2025
2026
2027
Year-End
Inventory at Retail
Ending
inventory
$241,500
$
261,900
250,800
281,400
Current Year
Cost-Retail%
2024
58%
60%
61%
59%
133428
Year-End
Price Index
The price index at January 1, 2024, is 100.
Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 1 decimal place, e.g.
78.7% and final answers to O decimal places, e.g. 28,987.)
$
105
108
110
120
2025
145500
$
2026
139080
$
2027
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