Brief Exercise 9-13

Crane Inc. had beginning inventory of $6,000 at cost and $10,000 at retail. Net purchases were $60,000 at cost and $85,000 at retail. Net markups were $5,000, net markdowns were $3,500, and sales revenue was $73,500. Assume the price level increased from 100 at the beginning of the year to 115 at year-end. Compute ending inventory at cost using the dollar-value LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to 0 decimal places, e.g. 28,987.)

Ending inventory using the dollar-value LIFO retail method

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