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Exercise 9-26 You assemble the following information for Swifty Department Store, which computes its inventory under the dollar-value LIFO method. Cost Retail Inventory on January
Exercise 9-26
You assemble the following information for Swifty Department Store, which computes its inventory under the dollar-value LIFO method.
Cost | Retail | |||
Inventory on January 1, 2020 | $501,600 | $660,000 | ||
Purchases | 844,800 | 1,056,000 | ||
Increase in price level for year | 9% |
Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $647,460 and (b) $803,330. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987.)
(a) | Cost of the inventory on December 31, 2020 | $ | |
(b) | Cost of the inventory on December 31, 2020 |
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