Question
Sandhill Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time the inventory had a cost of $56,000 and a
Sandhill Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time the inventory had a cost of $56,000 and a retail price of $100,000. The following information is available. 2019 2020 2021 2022 Year-End Inventory at Retail $126,140 153,180 127,600 178,750 Current Year Year End Cost-Retail % Price Index 60% 106 60% 111 61% 58% 116 125 The price index at January 1, 2019, is 100. Compute the ending inventory at December 31 of the years 2019-2022. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987.) 2019 Ending inventory 2020 2021 2022
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