Question
The Henry Store has the following data for inventory: Cost Retail Inventory, January 1 $200,000 $400,000 Purchases for January 360,000 480,000 Sales for January 440,000
The Henry Store has the following data for inventory:
| Cost | Retail | |
| Inventory, January 1 | $200,000 | $400,000 |
| Purchases for January | 360,000 | 480,000 |
| Sales for January | 440,000 |
The store uses the dollarvalue LIFO retail method. The price index for the year is 1.08. The price index that pertains to the beginning inventory is 1.00. Round all ratios to four decimal places. What is the cost of the ending inventory at January 31? (Round any percentages to two decimal places, X.XX%, and your final answer to the nearest dollar.)
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The Employers Guide To Surviving Payroll And Human Resources Audits 2019
Authors: Paul E Love
1st Edition
1073422771, 978-1073422777
