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Stanley Kingston founded his antique shop in January of 2014

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Stanley Kingston founded his antique shop in January of 2014;Stanley Kingston founded his antique shop in January of 2014. He has decided to adopt Dollar Value LIFO Retail as the inventory method for his shop. The following information was obtained from his records;Inventory Jan 3, 2014;45,000 cost;Inventory Dec. 31, 2014;46,900 cost;Purchases during 2015;55,000 cost;Purchase returns;7,000 cost;Freight in;12,000 cost;Sales;90,000 retail;Inventory Jan 3, 2014;58,000 retail;Inventory Dec. 31, 2014;66,000 retail;Retail price indexes: 1/1/14;1.0;12/31/14;1.1;12/31/15;1.22;Net Purchases during 2015;65,000 retail

 

Paper#28407 | Written in 18-Jul-2015

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