Dollar-Value LIFO Retail Wyatt Company adopts the dollar-value LIFO retail inventory method on January 1, 2019. The company’s records reveal that the inventory on January 1, 2019, had a cost of $75,000 and a retail value of $120,000. During 2019, the cost of purchases made was $110,000, and the retail value was $165,000. In addition, net markdowns were $6,000, net additional markups were $8,000, and sales were $147,000. The price index on January 1, 2019, was 100, and the index for 2019 was 110.
Required:
Compute the cost of inventory on December 31, 2019. Round the cost-to-retail ratio to 3 decimal places.
Accounting Information Systems
Managerial Accounting: The Cornerstone of Business Decision-Making
Corporate Financial Accounting
Financial And Managerial Accounting
Financial Accounting
Financial & Managerial Accounting
College Accounting, Chapters 1-27
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Principles of Economics (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
Accounting Information Systems
Fundamentals of Financial Management (MindTap Course List)
Essentials of Economics (MindTap Course List)
Contemporary Marketing
Management, Loose-Leaf Version
Principles of Macroeconomics (MindTap Course List)
Essentials of Business Communication (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Foundations of Business (MindTap Course List)
MKTG 12:STUDENT ED.-TEXT
Brief Principles of Macroeconomics (MindTap Course List)
College Accounting (Book Only): A Career Approach
Financial Accounting
College Accounting (Book Only): A Career Approach
Financial & Managerial Accounting
Accounting (Text Only)
Fundamentals of Financial Management (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Exploring Economics
Statistics for Business & Economics, Revised (MindTap Course List)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Principles of Macroeconomics (MindTap Course List)
Pkg Acc Infor Systems MS VISIO CD
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Corporate Financial Accounting
Survey of Accounting (Accounting I)
Economics For Today
Macroeconomics
Purchasing and Supply Chain Management
Cornerstones of Cost Management (Cornerstones Series)
Practical Management Science
Economics (MindTap Course List)
Microeconomics
Cornerstones of Financial Accounting
Managerial Accounting
Macroeconomics: Private and Public Choice (MindTap Course List)
MACROECONOMICS FOR TODAY
Principles of Microeconomics
Microeconomics: Private and Public Choice (MindTap Course List)
Understanding Management (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)