Lind Corporation, uses the dollar-value LIFO retail inventory method for inventory costing Lind Corporation, has beginning inventory with a cost of \$12 o00 and a retail of $42000. During the year, the company purchoses goods with a cost basis of $80,000 and a retail bosis of $114.000. It has net markups of $19,000 and net markdown $7,000. Sales are $53.000 at rotail. The price index for the current year is 1.02. Lind Corporation, adopted the dollar-value LIFo method at the end of the prior year, which is the base year with a price index 1.00. Required: (Round all ratios to four decimal places and round all numbers to nearest dollar) PART A Calculate the cost of the ending inventory using the dollar-value LIFO retail inventory method and the following intermediate steps to derive your answer? What is the Ending Inventory at Base Year Prices? What is the Beginning Inventory at Base Year Prices? What is the increment in LIFO Layer? What is the Ratio for Beginning Inventory? (input answer as percentage with two decimals, XX.XX: ) What is the Ratio for the Current Year's Layer? (Input answer as percentage with two decimals, XX.XX ) What is the Totat Ending inventory LIFO Cost? PART B What is the cont to retail ratio under the Conventional (LCM) Retail Method7(Input answer as percentage with two decimals, XX:XX3) Lind Corporation, uses the dollar-value LIFO retail inventory method for inventory costing Lind Corporation, has beginning inventory with a cost of \$12 o00 and a retail of $42000. During the year, the company purchoses goods with a cost basis of $80,000 and a retail bosis of $114.000. It has net markups of $19,000 and net markdown $7,000. Sales are $53.000 at rotail. The price index for the current year is 1.02. Lind Corporation, adopted the dollar-value LIFo method at the end of the prior year, which is the base year with a price index 1.00. Required: (Round all ratios to four decimal places and round all numbers to nearest dollar) PART A Calculate the cost of the ending inventory using the dollar-value LIFO retail inventory method and the following intermediate steps to derive your answer? What is the Ending Inventory at Base Year Prices? What is the Beginning Inventory at Base Year Prices? What is the increment in LIFO Layer? What is the Ratio for Beginning Inventory? (input answer as percentage with two decimals, XX.XX: ) What is the Ratio for the Current Year's Layer? (Input answer as percentage with two decimals, XX.XX ) What is the Totat Ending inventory LIFO Cost? PART B What is the cont to retail ratio under the Conventional (LCM) Retail Method7(Input answer as percentage with two decimals, XX:XX3)
