Please do not give solution in image format thanku (b)Without prejudice to your solution to part (a), assume that you computed the June 30, 2025, inventory to be $63,720 at retail andthe ratio of cost to retail to be 76%. The general price level has increased from 100 at January 1, 2025, to 108 at June 30, 2025.Compute the June 30, 2025, inventory at the June 30 price level under the dollar-value LIFO retail method. (Round ratios forcomputational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.)Ending inventory at dollar-value LIFO cost $ As of January 1, 2025, Flint Inc. adopted the retail method of accounting for its merchandise inventory.To prepare the store's financial statements at June 30, 2025, you obtain the following data.Inventory, January 1MarkdownsMarkupsMarkdown cancellationsMarkup cancellationsPurchasesSales revenuePurchase returnsSales returns and allowancesCost$31,00090,8603,000Selling Price$41,00011,6008,4007,0003,100155,400153,7003,6007,900

given, inventory on June 30, 2025, = $63,720 retail and the ratio of cost to retail = 76%The general…

As of January 1, 2025, Flint Inc. adopted the retail method of accounting for its merc To prepare the store's financial statements at June 30, 2025, you obtain the followin Inventory, January 1 Markdowns Markups Markdown cancellations Cost $31,000 Selling Price $41,000 11,600 8,400 7,000

As of January 1, 2025, Flint Inc. adopted the retail method of accounting for its merc To prepare the store's financial statements at June 30, 2025, you obtain the followin Inventory, January 1 Markdowns Markups Markdown cancellations Cost $31,000 Selling Price $41,000 11,600 8,400 7,000

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Chapter11: Work Sheet And Adjusting Entries

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Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...

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Question

Please do not give solution in image format thanku

(b)
Without prejudice to your solution to part (a), assume that you computed the June 30, 2025, inventory to be $63,720 at retail and
the ratio of cost to retail to be 76%. The general price level has increased from 100 at January 1, 2025, to 108 at June 30, 2025.
Compute the June 30, 2025, inventory at the June 30 price level under the dollar-value LIFO retail method. (Round ratios for
computational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.)
Ending inventory at dollar-value LIFO cost $

As of January 1, 2025, Flint Inc. adopted the retail method of accounting for its merchandise inventory.
To prepare the store's financial statements at June 30, 2025, you obtain the following data.
Inventory, January 1
Markdowns
Markups
Markdown cancellations
Markup cancellations
Purchases
Sales revenue
Purchase returns
Sales returns and allowances
Cost
$31,000
90,860
3,000
Selling Price
$41,000
11,600
8,400
7,000
3,100
155,400
153,700
3,600
7,900

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