Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data...
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Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years:
Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years: Cost Retail Cost Retail 2018 Inventory, January 1 $40,000 $80,000 2020 Purchases $117,600 $280,000 Purchases 85,500 190,000 Sales 260,000 Sales 200,000 2021 Purchases 147,200 320,000 2019 Purchases 92,000 230,000 Sales 300,000 Sales 210,000 In addition, the following price indexes are available: January 1, 2018 100 December 31, 2020 120 December 31, 2018 105 December 31, 2021 125 December 31, 2019 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. 2018 70,000 XS 2019 90,000 X $ 2020 110,000 $ 2021 130,000 x Ending inventory Feedback
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