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As of January 1, 2020, Bramble Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June
As of January 1, 2020, Bramble Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30,2020 , you obtain the following data. Without prejudice to your solution to part (a), assume that you computed the June 30,2020 , inventory to be $61,560 at retail and the ratio of cost to retail to be 73%. The general price level has increased from 100 at January 1, 2020, to 108 at June 30,2020. Compute the June 30, 2020, inventory at the June 30 price level under the dollar-value LIFO retail method. (Round ratios for computational purposes to 2 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory at dollar-value LIFO cost $
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