1.

Flint Department Store wishes to use the retail LIFO method of valuing inventories for 2015. The appropriate data are as follows:

At Cost	At Retail
December 31, 2014 inventory (base layer)	$1,250,000	$2,100,000
Purchases (net of returns, allowances, markups, and markdowns)	2,100,000	3,500,000
Sales revenue	3,290,000
Price index for 2015	105

Complete the following schedule.(Do not leave any answer field blank. Enter 0 for amounts.)

Computation of Retail Inventory for 2015	Cost	Retail	Ratio
Inventory, December 31, 2014	$	$
Purchases (net of returns, allowances, markups, and markdowns)			%
Total available	$	$
Less: Sales
Inventory, December 31, 2015, at retail	$

Adjustment of Inventory to LIFO Basis	Cost	Retail
Ending inventory at base year prices	$	$
Beginning inventory at base year prices
Increase at base year prices		$
Increase at 2015 retail		$
Increase at 2015 cost
Inventory, December 31, 2015 at LIFO cost	$

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