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On January 1, 2024, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $160,000 and $241,500, respectively. Net purchases during the year at cost and at retail were $725,600 and $896,000, respectively. Markups during the year were $11,000. There were no markdowns. Net sales for 2024 were $840,850. The retail price index at the end of 2024 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2024 balance sheet? Note: Do not round intermediate calculations. Multiple Choice О $234,400 $307,650 О $203,260 $246,120

On January 1, 2024, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $160,000 and $241,500, respectively. Net purchases during the year at cost and at retail were $725,600 and $896,000, respectively. Markups during the year were $11,000. There were no markdowns. Net sales for 2024 were $840,850. The retail price index at the end of 2024 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2024 balance sheet? Note: Do not round intermediate calculations. Multiple Choice О $234,400 $307,650 О $203,260 $246,120

Intermediate Accounting: Reporting And Analysis
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 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....
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On January 1, 2024, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $160,000 and $241,500, respectively. Net purchases during the year at cost and at retail were $725,600 and $896,000, respectively. Markups during the year were $11,000. There were no markdowns. Net sales for 2024 were $840,850. The retail price index at the end of 2024 was 1.05 . What is the inventory balance that Coldstone would report in its 12/31/2024 balance sheet? Note: Do not round intermediate calculations. Multiple Choice $234,400 $307,650 $203,260 $246,120
On January 1, 2024, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $160,000 and $241,500, respectively. Net purchases during the year at cost and at retail were $725,600 and $896,000, respectively. Markups during the year were $11,000. There were no markdowns. Net sales for 2024 were $840,850. The retail price index at the end of 2024 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2024 balance sheet? Note: Do not round intermediate calculations. Multiple Choice О $234,400 $307,650 О $203,260 $246,120
Transcribed Image Text:On January 1, 2024, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $160,000 and $241,500, respectively. Net purchases during the year at cost and at retail were $725,600 and $896,000, respectively. Markups during the year were $11,000. There were no markdowns. Net sales for 2024 were $840,850. The retail price index at the end of 2024 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2024 balance sheet? Note: Do not round intermediate calculations. Multiple Choice О $234,400 $307,650 О $203,260 $246,120
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