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Shamrock Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2016. At that time the inventory had a cost of $43,000 and a
Shamrock Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2016. At that time the inventory had a cost of $43,000 and a retail price of $100,000. The following information is available.
Year-End Inventory at Retail Current Year Cost-Retail % 59% 62% 63% 60% Year End Price Index 106 2016 2017 2018 2019 $127,200 149,850 128,800 165,000 115 125 The price index at January 1, 2016, is 100 Compute the ending inventory at December 31 of the years 2016-2019. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987) 01 018 2019 Ending inventoryStep by Step Solution
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