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Brief Exercise 9-13 Flint Inc. had beginning inventory of $14,300 at cost and $22,000 at retail. Net purchases were $124,267 at cost and $170,600 at
Brief Exercise 9-13
Flint Inc. had beginning inventory of $14,300 at cost and $22,000 at retail. Net purchases were $124,267 at cost and $170,600 at retail. Net markups were $9,500, net markdowns were $6,300, and sales revenue was $148,000. Assume the price level increased from 100 at the beginning of the year to 126 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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