onahue adopted the dollar-value LIFO retail inventory method on January 1, 2020. The following information for 2020 was taken from the company's records: Cost Retail Sales $189,000 Net markups 6,000 Inventory, January 1, 2020 $21,000 30,000 Purchases 147,000 200,000 Net markdowns 10,700 The price index on January 1, 2020, was 100. On December 31, 2020, it was 110. Round cost/retail percentages to the nearest whole percent if necessary. Required: Compute the inventory value for December 31, 2020. Round intermediate calculations to two decimal places and the final amount to the nearest dollar.
onahue adopted the dollar-value LIFO retail inventory method on January 1, 2020. The following information for 2020 was taken from the company's records: Cost Retail Sales $189,000 Net markups 6,000 Inventory, January 1, 2020 $21,000 30,000 Purchases 147,000 200,000 Net markdowns 10,700 The price index on January 1, 2020, was 100. On December 31, 2020, it was 110. Round cost/retail percentages to the nearest whole percent if necessary. Required: Compute the inventory value for December 31, 2020. Round intermediate calculations to two decimal places and the final amount to the nearest dollar.
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 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....
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onahue adopted the dollar-value LIFO retail inventory method on January 1, 2020. The following information for 2020 was taken from the company's records:
| Cost | Retail | |
| Sales | $189,000 | |
| Net markups | 6,000 | |
| Inventory, January 1, 2020 | $21,000 | 30,000 |
| Purchases | 147,000 | 200,000 |
| Net markdowns | 10,700 |
The price index on January 1, 2020, was 100. On December 31, 2020, it was 110. Round cost/retail percentages to the nearest whole percent if necessary.
Required:
Compute the inventory value for December 31, 2020. Round intermediate calculations to two decimal places and the final amount to the nearest dollar.
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