Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Henry Store has the following data for inventory Cost $300,000 $450,000 340,000 Retail Inventory, January 1 Purchases for January Sales for January $ 470,000

image text in transcribed
The Henry Store has the following data for inventory Cost $300,000 $450,000 340,000 Retail Inventory, January 1 Purchases for January Sales for January $ 470,000 430,000 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. Round all ratios to four dea al 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.) O A. $300,000 O B. $490,000 O c. $453,704 O D. $302,894 oc 8

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Cases An Interactive Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

5th International Edition

0132815591, 9780132815598

More Books

Students also viewed these Accounting questions

Question

=+What do you wish you had known when you were starting out?

Answered: 1 week ago