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Category > Accounting Posted 21 Nov 2017 My Price 5.00

Dollar-Value LIFO Retail and Fire Loss The Golden Company adopted the dollar-value retail LIFO method on January

P9-16     Dollar-Value LIFO Retail and Fire Loss  The Golden Company adopted the dollar-value retail LIFO method on January 1, 2007. The following information relates to the following 2 years:

2007                                                                               2008 (through September 7)

 

 

Cost

Retail

 

 

Cost

Retail

Inventory, January 1

$ 40,000

$ 90,000

 

Purchases

$160,000

$350,000

Purchases

100,000

210,000

 

Sales

—

280,000

Sales

—

200,000

 

Net markups

—

40,000

Net markups

—

20,000

 

Net markdowns

—

70,000

Net markdowns

—

40,000

 

 

 

 

In addition the following price indexes are available:

 

January 2007

100

December 2007

106

September 2008

110

On September 8, 2008 a fire destroyed the inventory except for goods in transit (properly recorded), FOB shipping point, at a cost of $8,000, and undamaged goods salvaged from the fire, which had a retail value of $10,000.

Required

Compute the cost of the inventory destroyed in the fire.

Answers

SmartExpert
(118)
Status NEW Posted 21 Nov 2017 03:11 AM My Price 5.00

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Attachments

file 1511234238-The Golden Company.xlsx preview (340 words )
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