Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $43,000 and a retail price of $100,000. The following information is available. Year-EndInventory at Retail Current YearCost—Retail % Year EndPrice Index2013 $127,200 59% 1062014 149,850 62% 1112015 128,800 63% 1152016 165,000 60% 125The price index at January 1, 2013, is 100.Compute the ending inventory at December 31 of the years 2013–2016. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987)

Name: Connie Chung Corporation adopted the dollar-value LIFO retail inventor
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Description: Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $43,000 and a retail price of $100,000. The following information is available. Year-EndInventory at Retail C

Inventory is the current assets. The entity sales the product and items left unsold in the hand is…

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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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Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $43,000 and a retail price of $100,000. The following information is available.

	Year-End Inventory at Retail	Current Year Cost—Retail %		Year End Price Index
2013	$127,200		59%		106
2014	149,850		62%		111
2015	128,800		63%		115
2016	165,000		60%		125

The price index at January 1, 2013, is 100.

Compute the ending inventory at December 31 of the years 2013–2016. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987)

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