Bragg adopted the dollar-value LIFO retail inventory method on January 1, 2016. The following information...
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Accounting
Bragg adopted the dollar-value LIFO retail inventory method on January 1, 2016. The following information for 2016 was taken from the company's records:
|
| Cost | Retail |
| Sales |
| $189,000 |
| Net markups |
| 6,000 |
| Inventory, January 1, 2016 | $ 21,000 | 30,000 |
| Purchases | 147,000 | 200,000 |
| Net markdowns |
| 10,700 |
The price index on January 1, 2016, was 100. On December 31, 2016, it was 110. Round cost/retail percentages to the nearest whole percent if necessary.
Required:
Compute the inventory value for December 31, 2016.
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