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 dollar−value LIFO retail method. The price index for the year is 1.08. The price index that pertains to the beginning inventory is 1.00.
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.)
Step by Step Solution
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Step: 1
Calculating the Ending Inventory at Cost using DollarValue LIFO Retail Method The dollarvalue LIFO retail method helps us determine the cost of ending ...
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Step: 2
Step: 3
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
