Solution-Compute the cost of the inventory on december

Compute the cost of the inventory on december

Assignment Help Financial Accounting

Reference no: EM13872457

Purpose: This exercise will illustrate the use of the dollar-value LIFO retail method when there is: (a) a decrease in inventory and (b) an increase in inventory.

You assemble the following information for Henrietta's Department Store, which computes its inventory under the dollar-value LIFO retail method.

	Cost	Retail
Inventory on January 1, 2014	$227,200	$320,000
Purchases	340,400	460,000
Purchases		8%

Instructions

(a) Compute the cost of the inventory on December 31, 2014, assuming that the ending inventory at retail is $286,200.

(b) Compute the cost of the inventory on December 31, 2014, assuming that the ending inventory at retail is $351,000.

Reference no: EM13872457

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Compute the cost of the inventory on december : Compute the cost of the inventory on December 31, 2014, assuming that the ending inventory at retail is $286,200. Compute the cost of the inventory on December 31, 2014, assuming that the ending inventory at retail is $351,000.

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Compute the cost of the inventory on december

Reference no: EM13872457

Reference no: EM13872457

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