Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Wildhorse Co. uses the retail inventory method. The following information is available for the current year. Cost Retail Beginning inventory $ 301000 $478000 Purchases 1250000
Wildhorse Co. uses the retail inventory method. The following information is available for the current year.
Cost | Retail | |||
Beginning inventory | $ 301000 | $478000 | ||
Purchases | 1250000 | 1710000 | ||
Freight-in | 18000 | |||
Employee discounts | 8600 | |||
Net markups | 55000 | |||
Net markdowns | 75000 | |||
Sales revenue | 1590000 |
Assuming that the LIFO inventory method is used, that the beginning inventory is the base inventory when the index was 100, and that the index at year end is 112, the ending inventory at dollar-value LIFO retail cost is (Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places.)
$358500.
$335040.
$326530.
$323795.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started