Question
Dollar-Value LIFO Retail The following information is obtained from Burger Company's records. Burger uses the dollar-value LIFO retail method. 2019 2020 2021 Cost Retail Cost
Dollar-Value LIFO Retail
The following information is obtained from Burger Company's records. Burger uses the dollar-value LIFO retail method.
| 2019 | 2020 | 2021 | ||||||
| Cost | Retail | Cost | Retail | Cost | Retail | |||
| Purchases | $202,400 | $430,000 | $238,500 | $540,000 | $240,100 | $500,000 | ||
| Net additional markups | 20,000 | 30,000 | 10,000 | |||||
| Net markdowns | 10,000 | 40,000 | 20,000 | |||||
| Sales | 400,000 | 600,000 | 460,000 | |||||
The company adopted LIFO on January 1, 2019, when the cost and retail values of the inventory were $40,000 and $100,000, respectively. Burger experienced the following price indexes:
| January 1, 2019 | 100 | December 31, 2020 | 115 | |
| December 31, 2019 | 108 | December 31, 2021 | 120 |
Required
Compute the cost of the ending inventory for 2019. Round the cost-to-retail ratio out to three decimal places. Round computations and final answers to the nearest dollar.
| BURGER COMPANY | ||
| Calculation of ending inventory by Dollar-Value LIFO Retail inventory method | ||
| 2019 | ||
| Cost | Retail | |
| Beginning inventory | $fill in the blank b4e790fa0fcefdb_2 | $fill in the blank b4e790fa0fcefdb_3 |
| Purchases | fill in the blank b4e790fa0fcefdb_5 | fill in the blank b4e790fa0fcefdb_6 |
| Net additional markups | fill in the blank b4e790fa0fcefdb_8 | |
| Net markdowns | fill in the blank b4e790fa0fcefdb_10 | |
| $fill in the blank b4e790fa0fcefdb_11 | $fill in the blank b4e790fa0fcefdb_12 | |
| Goods available for sale | $fill in the blank b4e790fa0fcefdb_14 | $fill in the blank b4e790fa0fcefdb_15 |
| Less: Sales | fill in the blank b4e790fa0fcefdb_17 | |
| Ending inventory at retail | $fill in the blank b4e790fa0fcefdb_18 | |
| Ending inventory at cost | $fill in the blank b4e790fa0fcefdb_19 | |
Feedback
Compute the cost of the ending inventory for 2020. Round the cost-to-retail ratio out to three decimal places. Round computations and final answers to the nearest dollar.
| BURGER COMPANY | ||
| Calculation of ending inventory by Dollar-Value LIFO Retail inventory method | ||
| 2020 | ||
| Cost | Retail | |
| $fill in the blank 14d364f9af8b069_2 | $fill in the blank 14d364f9af8b069_3 | |
| $fill in the blank 14d364f9af8b069_5 | $fill in the blank 14d364f9af8b069_6 | |
| fill in the blank 14d364f9af8b069_8 | ||
| fill in the blank 14d364f9af8b069_10 | ||
| $fill in the blank 14d364f9af8b069_11 | $fill in the blank 14d364f9af8b069_12 | |
| $fill in the blank 14d364f9af8b069_14 | $fill in the blank 14d364f9af8b069_15 | |
| fill in the blank 14d364f9af8b069_17 | ||
| Ending inventory at retail | $fill in the blank 14d364f9af8b069_18 | |
| Ending inventory at cost | $fill in the blank 14d364f9af8b069_19 | |
Feedback
Compute the cost of the ending inventory for 2021. Round the cost-to-retail ratio out to three decimal places. Round computations and final answers to the nearest dollar.
| BURGER COMPANY | ||
| Calculation of ending inventory by Dollar-Value LIFO Retail inventory method | ||
| 2021 | ||
| Cost | Retail | |
| $fill in the blank ddc2e6fccfe9067_2 | $fill in the blank ddc2e6fccfe9067_3 | |
| $fill in the blank ddc2e6fccfe9067_5 | $fill in the blank ddc2e6fccfe9067_6 | |
| fill in the blank ddc2e6fccfe9067_8 | ||
| fill in the blank ddc2e6fccfe9067_10 | ||
| $fill in the blank ddc2e6fccfe9067_11 | $fill in the blank ddc2e6fccfe9067_12 | |
| $fill in the blank ddc2e6fccfe9067_14 | $fill in the blank ddc2e6fccfe9067_15 | |
| fill in the blank ddc2e6fccfe9067_17 | ||
| Ending inventory at retail | $fill in the blank ddc2e6fccfe9067_18 | |
| Ending inventory at cost | $fill in the blank ddc2e6fccfe9067_19 | |
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Managerial Accounting Tools For Business Decision Making
Authors: Strayer University
2010th Custom Edition
0470603534, 978-0470603536
