Question
Presented below is information related to Langston Hughes Corporation. Price Index LIFO Cost Retail Inventory on December 31, 2017, when dollar-value LIFO is adopted 100
Presented below is information related to Langston Hughes Corporation.
| Price Index | LIFO Cost | Retail | ||||
| Inventory on December 31, 2017, | ||||||
| when dollar-value LIFO is adopted | 100 | $36,000 | $74,500 | |||
| Inventory, December 31, 2018 | 110 | ? | 100,100 |
Compute the ending inventory under the dollar-value LIFO method at December 31, 2018. The cost-to-retail ratio for 2018 was 60%.
| Ending inventory under the dollar-value LIFO method at December 31, 2018 |
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Using Sage 50 Accounting 2022
Authors: Mary Purbhoo
1st Canadian Edition
0137866224, 978-0137866229
