Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2015....
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Accounting
Dollar-Value LIFO Retail
Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2015. The following data apply to the 4 subsequent years:
Cost
Retail
Cost
Retail
2015
Inventory, January 1
$40,000
$ 80,000
2017
Purchases
$117,600
$280,000
Purchases
85,500
190,000
Sales
260,000
Sales
200,000
2018
Purchases
147,200
320,000
2016
Purchases
92,000
230,000
Sales
300,000
Sales
210,000
In addition, the following price indexes are available:
January 1, 2015
100
December 31, 2017
120
December 31, 2015
105
December 31, 2018
125
December 31, 2016
110
Required:
Compute the inventory at the end of each of the 4 years. Round the cost-to-retail ratio to 3 decimal places and the final answers to the nearest dollar.
2015
2016
2017
2018
Ending inventory
$
$
$
$
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