Dollar-Value LIFO Retail
Response to the following problem:
The Wyatt Company adopts the dollar-value LIFO retail inventory method on January 1, 2010. The company's records reveal that the inventory on January 1, 2010 had a cost of $75,000 and a retail value of $120,000. During 2010, the cost of purchases made was $110,000, and the retail value was $165,000. In addition, net markdowns were $6,000, net markups were $8,000, and sales were $147,000. The price index on January 1, 2010 was 100 and the index for 2010 was 110.
Required
Compute the cost of inventory on December 31, 2010. (Round the cost-to-retail index to 3 decimal places.)