Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Compute the ending inventory at December 31 of the years 2019-2022. Current Attempt in Progress Your answer is incorrect Pronghorn Corporation adopted the dollar-value LIFO

Compute the ending inventory at December 31 of the years 2019-2022.
image text in transcribed
Current Attempt in Progress Your answer is incorrect Pronghorn Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time the inventory had a cost of $ 57,000 and a retail price of $ 100,000. The following information is available. Year-End Inventory at Retail $121.980 Current Year Year End Cost-Retail % Price Index 2019 60% 107 2020 137,500 61% 110 2021 116,280 62% 114 2022 167,500 59% 125 The price index at January 1, 2019, is 100. Compute the ending inventory at December 31 of the years 2019-2022. (Round ratios for computational purposes to O decimal places, eg. 78% and final answers to decimal places, e.g. 28,987.) 2019 2020 2021 2022 1 Ending inventory $ $ $ $ e Textbook and Media Save for Later Attempts: unlimited Submit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions