Buffalo Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $57,000 and a retail price of $100,000. The following information is available. 2024 2025 2026 2027 Year-End Inventory at Retail $121,980 137,500 116,280 167,500 Current Year Cost-Retail% 60% 61% 62% 59% Year-End Price Index 107 110 114 125 The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 0 decimal places, eg 78% and final answers to O decimal places, eg. 28,987.)
Buffalo Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $57,000 and a retail price of $100,000. The following information is available. 2024 2025 2026 2027 Year-End Inventory at Retail $121,980 137,500 116,280 167,500 Current Year Cost-Retail% 60% 61% 62% 59% Year-End Price Index 107 110 114 125 The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 0 decimal places, eg 78% and final answers to O decimal places, eg. 28,987.)
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...
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