LIFO retail inventory method, fluctuating prices.

Flint Department Store wishes to use the retail LIFO method of valuing inventories for 2021. The appropriate data are as follows:

At Cost At Retail

December 31, 2020 inventory (base layer) $1,250,000 $2,100,000

Purchases (net of returns, allowances, markups, and markdowns) 2,100,000 3,500,000

Sales revenue 3,185,000

Price index for 2021 105

Instructions

Complete the following schedule (fill in all blanks and show calculations in the parentheses):

Computation of Retail Inventory for 2021 Cost Retail Ratio

Inventory, December 31, 2020 $1,250,000 $2,100,000

Purchases (net of returns, allowances,

markups, and markdowns) %

Total available $

____________________________________

Inventory, December 31, 2021, at retail $

Adjustment of Inventory to LIFO Basis Cost Retail

Ending inventory at base year prices $

( )

Beginning inventory at base year prices $

Increase at base year prices $

Increase at 2021 retail ( ) $

Increase at 2021 cost ( )

Inventory, December 31, 2021, at LIFO cost $

Type or paste question here