Question
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $18,000 and
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $18,000 and its retail value was $24,000. Information for 2021 and 2022 is as follows:
| Ending Inventory at Retail | Retail Price Index | Cost-to-Retail Percentage | ||||||
| Date | ||||||||
| 12/31/2021 | $ | 39,000 | 1.30 | 77 | % | |||
| 12/31/2022 | $ | 50,000 | 1.60 | 80 | % | |||
Required: Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method.
Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. (Round your answers to the nearest whole dollar amount.)
|
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
