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Flounder Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2016. At that time the inventory had a cost of $56,000 and a
Flounder Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2016. At that time the inventory had a cost of $56,000 and a retail price of $100,000. The following information is available.
Year-End Inventory at Retail | Current Year CostRetail % | Year End Price Index | |||||
2016 | $112,350 | 62% | 105 | ||||
2017 | 140,000 | 65% | 112 | ||||
2018 | 117,420 | 66% | 114 | ||||
2019 | 173,750 | 63% | 125 |
The price index at January 1, 2016, is 100. Compute the ending inventory at December 31 of the years 20162019. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987.)
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