Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. green acres co. has elected to use the dollar-valu

Green Acres Co. has elected to use the dollar-value LIFO retall method to value its...

70.2K

Verified Solution

Question

Accounting

image
Green Acres Co. has elected to use the dollar-value LIFO retall method to value its inventory. The following data has been accumulated from the accounting records: Pertinent retail price indexes: 2021 Cost $225, 780 466,550 Merchandise inventory, Januar Net purchases Net markups Net markdowns Net sales Retail $355,000 745,000 10,100 2,600 534,400 January 1, 2021 December 31, 2021 1.00 1.10 Required: Estimate the cost of ending inventory for December 31, 2021. (Round "Cost-to-retail percentage" to 2 decimal places.) Estimated ending inventory

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Equipment1 was purchased at the beginning of the year 2016 for $50,000 cash. No salvage/residual value....

Statistics
1.2K views

A researcher is curious if age makes a difference in whether or not students make use...

Biology
1.2K views

MHC detection by mixed leukocyte reaction

Advance Math
1.2K views

What solutions did nineteenth-century analysts like Cauchy and Weierstrass find to the philosophical difficulties connected with infinitesimals?

Biology
1.2K views

Here is a short program intended to simulate population growth starting with a single individual...

Biology
1.2K views

Blue feet F are dominant over white feet f Mom is heterozygous for blue feet...

Basic Math
1.2K views

Factor the following expression completely: -4w - 4w - 6w-6

Accounting
1.2K views

Sako Company's Audio Division produces a speaker used by manufacturers of various audio...

Accounting
1.2K views

Arnez Company's annual accounting period ends on December 31. The following information concerns the adjusting...

Accounting
1.2K views

Does anyone have the solution manual for the "Systems Understanding Aid 8th Edition" Transaction List...

Accounting
1.2K views

NoSQL databases store data in schemas. individually with key-values. in rows and columns. in classes

Finance
1.2K views

Danielle is a financial analyst in Bidget Corp. As part of her analysis of the...