Current Attempt in Progress You assemble the following information for Tamarisk Department Store, which computes its inventory under the dollar-value LIFO method. Cost Retail Inventory on January 1, 2020 $496,800 $690,000 Purchases 883,200 1,104,000 Increase in price level for year 9% Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $676,890 and (b) $839,845. (Round ratios for computational purposes to O decimal places, e.g, 78% and final answers to O decimal places, eg. 28,987.) (a) Cost of the inventory on December 31, 2020 (b) Cost of the inventory on December 31, 2020
Current Attempt in Progress You assemble the following information for Tamarisk Department Store, which computes its inventory under the dollar-value LIFO method. Cost Retail Inventory on January 1, 2020 $496,800 $690,000 Purchases 883,200 1,104,000 Increase in price level for year 9% Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $676,890 and (b) $839,845. (Round ratios for computational purposes to O decimal places, e.g, 78% and final answers to O decimal places, eg. 28,987.) (a) Cost of the inventory on December 31, 2020 (b) Cost of the inventory on December 31, 2020
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 39BE
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