Stellar Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $59,000 and a retail price of $100,000. The following information is available. Year-End Inventory at Retail Current Year Year-End Cost-Retail% Price Index 2024 $121,590 60% 105 2025 143,190 63% 111 2026 122,380 64% 116 2027 168,750 64% 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 O decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.) 2024 Ending inventory $ $ 2025 $ 2026 $ 2027

Stellar Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $59,000 and a retail price of $100,000. The following information is available. Year-End Inventory at Retail Current Year Year-End Cost-Retail% Price Index 2024 $121,590 60% 105 2025 143,190 63% 111 2026 122,380 64% 116 2027 168,750 64% 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 O decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.) 2024 Ending inventory $ $ 2025 $ 2026 $ 2027

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12P: Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at...

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At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600
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