E9-25B (Dollar-Value LIFO Retail) Presented below is information related to Winfield Corporation.

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E9-25B (Dollar-Value LIFO Retail) Presented below is information related to Winfield Corporation.

                                                                Price                    LIFO

                                                                Index                   Cost                   Retail

Inventory on December 31, 2014,

when dollar-value LIFO is adopted        100                   $50,000              $75,000

Inventory, December 31, 2015              105                         ?                      94,500

Instructions

Compute the ending inventory under the dollar-value LIFO method at December 31, 2015. The cost-toretail ratio for 2013 was 60%.

    • 10 years ago
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