Boyne Inc. had beginning inventory of $12,060 at cost and $20,100 at retail. Net purchases...
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Boyne Inc. had beginning inventory of $12,060 at cost and $20,100 at retail. Net purchases were $128,030 at cost and $198,000 at retail. Net markups were $12,100; net markdowns were $7,200; and sales revenue was $151,300. Assume the price level increased from 100 at the beginning of the year to 118 at year-end. Compute ending inventory at cost using the dollar-value LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to 0 decimal places, e.g. 28,987.)
Ending inventory using the dollar-value LIFO retail method
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