Please Solve In 15mins Your awwer is incorrect,Ivanhoe Variety Store uses the LIFOretail inventory method. Information relating to the computation of the inventory at December31. 2021, tollowsCostRetailInventory, January 1.2021$141.000$224.000Purchases486,000705,000Freight-in81.500Sales753.500Net markups165.000Net markdowns77.000Assuming that there was no change in the price index during the year, compute the inventory at December 31. 2021. using the LIFOretail inventory method (Round ratio to 2 decimal places, ea. 75.35% and final answer to 0 decimal places, es 5,275)Inventory at December 31, 2021eTextbook and MediaAssistance UsedeTexthook

Inventory is the current asset reported on the balance sheet of the company. It is used in the…

vanhoe Variety Store unes the LIFO retal inventory method. Information relating to the computation of the inventory at December 31. 2021. folows Cost Retail Inventory, lanuary 1.2021 $141.000 $224.000 Purchases 486.000 705.000 Freight in 81500 Sales 753.500 Net markups 165.000 Net markdowns 77.000

vanhoe Variety Store unes the LIFO retal inventory method. Information relating to the computation of the inventory at December 31. 2021. folows Cost Retail Inventory, lanuary 1.2021 $141.000 $224.000 Purchases 486.000 705.000 Freight in 81500 Sales 753.500 Net markups 165.000 Net markdowns 77.000

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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Concept explainers

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.

Question

Please Solve In 15mins

Your awwer is incorrect,
Ivanhoe Variety Store uses the LIFOretail inventory method. Information relating to the computation of the inventory at December
31. 2021, tollows
Cost
Retail
Inventory, January 1.2021
$141.000
$224.000
Purchases
486,000
705,000
Freight-in
81.500
Sales
753.500
Net markups
165.000
Net markdowns
77.000
Assuming that there was no change in the price index during the year, compute the inventory at December 31. 2021. using the LIFO
retail inventory method (Round ratio to 2 decimal places, ea. 75.35% and final answer to 0 decimal places, es 5,275)
Inventory at December 31, 2021
eTextbook and Media
Assistance Used
eTexthook

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