Question
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2024. Information for 2024 and 2025 is as follows, with certain data intentionally
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2024. Information for 2024 and 2025 is as follows, with certain data intentionally omitted:
Required:
Determine the missing data.
| Date | Cost Inventory | Retail inventory | Retail Price Index | Cost-to-Retail Percentage |
| Inventory, 1/1/2024 | $26,600 | $38,000 | 1.00 | ? |
| Inventory, 12/31/2024 | 28.504 | 44,800 | 1.12 | ? |
| 2025 net purchases | 75,180 | 107,400 | ||
| 2025 net sales | 87,400 | |||
| Inventory, 12/31/2025 | ? | ? | 1.20 | |
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Auditing Assurance Services and Ethics in Australia an Integrated Approach
Authors: Alvin A Arens, Peter J. Best, Greg Shailer, Brenton Fiedler
9th edition
978-1442539365, 1442539364
