Question
Information for a firm using the dollar value (DV) LIFO retail method follows. The cost to retail (C/R) is provided along with price level indices.
Information for a firm using the dollar value (DV) LIFO retail method follows. The cost to retail (C/R) is provided along with price level indices. The data reflects the use of the method through year one.
| Retail | Retail | DV LIFO | |||
|---|---|---|---|---|---|
| Layer | Base | Index | Current | C/R | Cost |
| Base | $200 | 1.00 | $200 | .40 | $80 |
| year one | 80 | 1.10 | 88 | .34 | $30 |
For year two, ending inventory at retail (by count) totaled $450. The ending price-level index for the year was 1.15. The cost-to-retail ratio was .42. What is the ending inventory for financial reporting purposes for this firm?
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The ISO 14000 EMS Audit Handbook
Authors: Greg Johnson
1st Edition
1574440691, 978-1574440690
