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Exercise 9-22 (Algo) Dollar-value LIFO retail; solving for unknowns [LO9-5] Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information
Exercise 9-22 (Algo) Dollar-value LIFO retail; solving for unknowns [LO9-5] Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 is as follows, with certain data intentionally omitted: Required: Determine the missing data. (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12%).) Inventory Date Cost Retail Retail Price Index Cost-to-Retail Percentage Inventory, 1/1/2021 $ 32,400 $ 45,000 Inventory, 12/31/2021 33,240 48,300 1.00 1.05 72 % 80 % 2022 net purchases 71,240 104,000 2022 net sales Inventory, 12/31/2022 92,300 60,000 1.20
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