Computing the ending inventory at cost


Response to the following problem:

Johnson Corporation had beginning inventory of $20,000 at cost and $35,000 at retail. During the year, it made net purchases of $180,000 at cost and $322,000 at retail. Johnson Corporation made sales of $300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnson Corporation's ending inventory at cost using the dollar-value LIFO retail method.

Solution Preview :

Prepared by a verified Expert
Cost Accounting: Computing the ending inventory at cost
Reference No:- TGS02102132

Now Priced at $20 (50% Discount)

Recommended (90%)

Rated (4.3/5)