Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. kelcie sports uses the dollar-value lifo retail me

Kelcie Sports uses the dollar-value LIFO retail method. The price index on January 1, 2016,...

50.1K

Verified Solution

Question

Finance

Kelcie Sports uses the dollar-value LIFO retail method. The price index on January 1, 2016, was 100, and on that date the inventory was $20,000 (retail) and $14,000 (cost). Additional information follows: 2016 2017 Purchases, retail $160,000 $204,000 Purchases, cost 115,200 150,960 Sales 160,416 202,160 Price index, Dec. 31. 102 103 What is the cost of the December 31, 2017, inventory (to the nearest dollar)? a. $14,610 b. $14,638 c. $14,660 d. $15,854

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What is the yield to maturity on a 10-year, 9% annual coupon, $1,000 par value bond...

Finance
Q

Prove that R(4; 4) = 18.

Advance Math
Q

Part A: Describe changes in patterns of drug abuse in the United States since the 1960’s....

Psychology
Q

Use the cage framework for the analysis of a country's foreign enterprises choose to enter.How about...

General Management
Q

Find u v where is the angle between u and v u 11 v 26...

Basic Math
Q

8 Find a parametrization for the curve The line through the points 1 2 ind...

Calculus
Q

Flannigan Company manufactures and sells a single product that sells for $450 per unit; variable...

Accounting
Q

On December 31: Sales are $2,250,000, Accounts Receivable is $894,000, and the Allowance for Bad...

Accounting
Q

What are the four criteria for imposition of state taxation set forth in Complete Auto...

Accounting
Q

December Chapter 6 Transactions record journal entries transactions. (revenue recognition) + Trans...

Accounting
Q

Omar Industries manufactures two products: Regular and Super. The results of operations for 20x1 follow....

Accounting
Q

Menlo Company distributes a single product. The company's sales and expenses for last month follow:...

Accounting