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Question - Riverbed Corporation began operations on January 1, 2017, with a beginning inventory of $35,844 at cost and $50,100 at retail. The following information relates to 2017.
Retail
Net purchases ($109,200 at cost) $153,000
Net markups 10,200
Net markdowns 5,100
Sales revenue 127,900
Assume instead that Riverbed decides to adopt the dollar-value LIFO retail method. The appropriate price indexes are 100 at January 1 and 110 at December 31. Compute the ending inventory to be reported in the balance sheet.
Assume that Benson does not retire from the partnership described in Part 1.
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