FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Presented below is information related to Langston Hughes Corporation.
| Price 0Index0 |
LIFO 0Cost0 |
0Retail0 | |
| Inventory on December 31, 2020, when dollar-value LIFO is adopted | 100 | $36,000 | $ 74,500 |
| Inventory, December 31, 2021 | 110 | ? | 0100,100 |
Instructions
Compute the ending inventory under the dollar-value LIFO method at December 31, 2021. The cost-to-retail ratio for 2021 was 60%.
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