Intella Inc adopted the dollar value retail LIFO method on January 1, 2018 The following data apply to the 4 subsequent years In addition, the following price indexes are available Required Compute the inventory at the end of each of the 4 years Round the cost to retail ratio to 3 decimal places Re...

Beginning inventory Costtoretail ratio Purchases Costtoretail ratio Goods available for sale Sales E ...

Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to

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Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years:

Retail Retail Cost Cost $ 80,000 2020 Purchases Sales 2021 Purchases Sales $117,600 $280,000 260,000 320,000 300,000 201

In addition, the following price indexes are available:

January 1, 2018 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 100 120 105 125 110

Required:
Compute the inventory at the end of each of the 4 years. Round the cost-to-retail ratio to 3 decimal places.

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Intermediate Accounting Reporting and Analysis

ISBN: 978-1337788281

3rd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Question Posted: Jul 10, 2019 04:47 AM

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Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to

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Intermediate Accounting Reporting and Analysis

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