Reference no: EM132525398
Question - Use the following information to perform the calculations in a-d below.
Millie & Sons adopted Dollar-Value Retail LIFO on December 31, 2013, when the inventory's retail value was $125,000, and the cost/retail ratio was 75%. On December 31, 2014, the retail value of ending inventory was $185,000, the cost/retail ratio was 78%, and the cost index was 1.05.
Required -
1. Determine base year (2013) ending inventory at cost.
2. Determine the retail value of the December 31, 2014 ending inventory in base year dollars.
3. Determine the retail value of the new 2014 layer of inventory in base year dollars.
4. Compute the total estimated December 31, 2014 ending inventory at cost assuming the Dollar-Value Retail LIFO method is used.
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