Question
On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $140,000 and $289,800,
On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $140,000 and $289,800, respectively. Net purchases during the year at cost and at retail were $660,800 and $816,000, respectively. Markups during the year were $10,000. There were no markdowns. Net sales for 2021 were $791,350. The retail price index at the end of 2021 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2021 balance sheet? (Do not round intermediate calculations.)
a. $247,200.
b. $156,128.
c. $259,560.
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