Question
Crane Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost $62,000 and retail price
Crane Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost $62,000 and retail price of $100,000. The following information is available.
| Year-end Inventory at Retail | Current year Cost-retail % | year-end Price index | |
| 2024 | $131,250 | 60% | 105 |
| 2025 | 146,300 | 63% | 110 |
| 2026 | 128,820 | 64% | 114 |
| 2027 | 175,000 | 62% | 125 |
The price index at January 1, 2024, is 100.
Compute the ending inventory at December 31 of the years 2024-2027.
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Acct 1100 Financial Accounting 1 25 Edition
Authors: Carl S. Warren ,James M. Reeve ,Jonathan E. Duchac
1st Edition
1285558839, 978-1285558837
