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Compute the cost of the inventory on December

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Reference no: EM132884011

Problem - Dollar-Value LIFO Retail - Johns Company adopts the dollar-value LIFO retail inventory method on January 1, 2019. The following information for 2019 is obtained from Johns' records:

 

Cost

Retail

Inventory, January 1, 2019

$20,000

$ 29,000

Purchases

60,000

92,000

Net additional markups

-

1,000

Net markdowns

-

3,000

Sales

-

75,000

The price index on January 1, 2019, was 100, and on December 31, 2019, it was 110.

Required - Compute the cost of the inventory on December 31, 2019. Round the cost-to-retail ratio to 3 decimal places.

Reference no: EM132884011

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