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Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 is as follows, with certain data intentionally
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 is as follows, with certain data intentionally omitted: Required: Determine the missing data. (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12%).)
| Inventory | |||||
| Retail | Cost-to-Retail | ||||
| Date | Cost | Retail | Price Index | Percentage | |
| Inventory, 1/1/2021 | $21,000 | $30,000 | 1.00 | ? | % |
| Inventory, 12/31/2021 | 21,804 | 35,200 | 1.10 | ? | % |
| 2022 net purchases | 60,570 | 90,000 | |||
| 2022 net sales | 80,800 | ||||
| Inventory, 12/31/2022 | ? | ? | 1.20 | ||
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