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Marigold Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time the inventory had a cost of $55,000 and a
Marigold Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time the inventory had a cost of $55,000 and a retail price of $100,000. The following information is available.
Year-End Inventory at Retail | Current Year CostRetail % | Year End Price Index | |||||
2019 | $128,100 | 60% | 105 | ||||
2020 | 152,320 | 63% | 112 | ||||
2021 | 135,700 | 64% | 115 | ||||
2022 | 171,120 | 61% | 124 |
The price index at January 1, 2019, is 100. Compute the ending inventory at December 31 of the years 20192022. (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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