Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2015....
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Dollar-Value LIFO Retail
Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2015. The following data apply to the 4 subsequent years:
| Cost | Retail | Cost | Retail | |||||
| 2015 | Inventory, January 1 | $40,000 | $ 80,000 | 2017 | Purchases | $117,600 | $280,000 | |
| Purchases | 85,500 | 190,000 | Sales | 260,000 | ||||
| Sales | 200,000 | 2018 | Purchases | 147,200 | 320,000 | |||
| 2016 | Purchases | 92,000 | 230,000 | Sales | 300,000 | |||
| Sales | 210,000 |
In addition, the following price indexes are available:
| January 1, 2015 | 100 | December 31, 2017 | 120 | |
| December 31, 2015 | 105 | December 31, 2018 | 125 | |
| December 31, 2016 | 110 |
Required:
Compute the inventory at the end of each of the 4 years. Round the cost-to-retail ratio to 3 decimal places and the final answers to the nearest dollar.
| 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|
| Ending inventory | $ | $ | $ | $ |
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