Question
Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $55,000 and
Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $55,000 and a retail price of $100,000. The following information is available.
Year-End Inventory at Retail | Current Year CostRetail % | Year End Price Index | |||||
2013 | $126,140 | 57% | 106 | ||||
2014 | 138,880 | 60% | 112 | ||||
2015 | 129,920 | 62% | 116 | ||||
2016 | 173,750 | 56% | 125 |
The price index at January 1, 2013, is 100.
Compute the ending inventory at December 31 of the years 20132016. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987)
2013 | 2014 | 2015 | 2016 | |||||
Ending inventory | $ | $ |
|
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