1: Company ABC uses the last-in, first-out (LIFO) dollar value retail inventory method. It adopted this method at the beginning of this year. The cost index for the year was 1.1. Below is information for the first year.

 Cost Retail BI 1066 1503.0 Net purchases 3198 5410.8 Net Sales 0 4653.3 

Ending inventory at retail is: Answer

The cost to retail conversion for beginning inventory is (round to at least 3 decimal points): Answer

The cost to retail conversion for the layer added is (round to at least 3 decimal points): Answer

Ending inventory at cost is: Answer

Cost of goods sold is: Answer

2.

Company ABC uses the retail inventory method. The following information is for this year.

 Cost Retail BI 1190.0 1886.000 Net purchases 4057.9 6544.420 Net Sales 0.0 5824.534 

Ending Inventory at retail is: Answer

The cost to retail conversion for the year is: Answer

Ending inventory at cost is: Answer

Cost of goods sold is: Answer

3.

Information for inventory for ABC follows.

Cost (carrying value) 289.00 Selling Price 308.00 Selling costs 43.12 

The lower or cost and net realizable value for this item is: