Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $19,000 and its retail value was $25,000. Information for 2021 and 2022 is as follows: Date 12/31/2021 12/31/2022 Ending Inventory at Retail $39,000 $51,000 Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2021? 2. Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. Required 1 Required 2 Retail Price Index 1.30 1.50 Complete this question by entering your answers in the tabs below. Ending inventory Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. (Round your answers to the nearest whole dollar amount.) 2021 Cost-to-Retail Percentage 78% 80% 2022 < Required 1 Required 2 >
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $19,000 and its retail value was $25,000. Information for 2021 and 2022 is as follows: Date 12/31/2021 12/31/2022 Ending Inventory at Retail $39,000 $51,000 Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2021? 2. Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. Required 1 Required 2 Retail Price Index 1.30 1.50 Complete this question by entering your answers in the tabs below. Ending inventory Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. (Round your answers to the nearest whole dollar amount.) 2021 Cost-to-Retail Percentage 78% 80% 2022 < Required 1 Required 2 >
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....
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