Question
Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Cost Retail Merchandise inventory,
Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information:
| Cost | Retail | |||||
| Merchandise inventory, January 1, 2021 | $ | 245,000 | $ | 350,000 | ||
| Net purchases | 458,800 | 615,000 | ||||
| Net markups | 18,000 | |||||
| Net markdowns | 13,000 | |||||
| Net sales | 460,000 | |||||
Related retail price indexes are as follows:
| January 1, 2021 | 1.00 |
| December 31, 2021 | 1.20 |
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Accounting And Finance For Your Small Business
Authors: Eric James Burton, Steven M Bragg
1st Edition
9780471323600
