Johns Company adopts the dollar-value LIFO retail inventory method on January 1, 2019. The following information for

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Johns Company adopts the dollar-value LIFO retail inventory method on January 1, 2019. The following information for 2019 is obtained from Johns’ records:Retail Cost Inventory, January 1, 2019 Purchases Net additional markups Net markdowns Sales $20,000 60,000 $ 29,000 92,0


The price index on January 1, 2019, was 100, and on December 31, 2019, it was 110.


Required:
Compute the cost of the inventory on December 31, 2019. Round the cost-to-retail ratio to 3 decimal places.

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Related Book For  book-img-for-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1337788281

3rd edition

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

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