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Lina20 [59]
3 years ago
7

Presented below is information related to Kingbird Corporation. Price Index LIFO Cost Retail Inventory on December 31, 2020, whe

n dollar-value LIFO is adopted 100 $34,200 $77,200 Inventory, December 31, 2021 110 ? 97,240 Compute the ending inventory under the dollar-value LIFO method at December 31, 2021. The cost-to-retail ratio for 2021 was 60%.
Business
1 answer:
erica [24]3 years ago
7 0

Answer:

Ending LIFO Value as on 31st dec,2021 = $54,924

Explanation:

Year Index LIFO Cost REtail

2020 100 $34,200 $77,200

2021 110 ? $97,240

Cost to Retail ration 2021 = 60% .

Hence TOTAL Cost of the inventory is = $58,344

LIFO Cost of inventory shall be calculated as follows

Inventory at base year prices = 58,344/110*100 = 53040.

Base year layers = 34,200+18,840

LIFO Value = 34,200*100/100 +18840*110/100

Ending LIFO Value as on 31st dec,2021 = $54,924

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Complete question reads;

Katie, a salesperson for Sol Computers, is faced with an objection from one of her prospects. The prospect says that the graphics of the computers do not meet his requirements. Katie listens to the objection and makes it known to her prospect that she has received the message. According to the LAARC method, which of the following should Katie do next?

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<u>Answer:</u>

<u>(B) Assess the objection</u>

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