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%.
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%.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...
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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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