Dollar Value LIFO Retail Intella, Inc. adopted the dollar value retail LIFO method on January 1, 2006. The following data apply to the 4 subsequent years:
|
Cost |
Retail |
Cost |
Retail |
||||
|
2006 |
Inventory, January 1 |
$40,000 |
$80,000 |
2008 |
Purchases |
$117,600 |
$280,000 |
|
Purchases |
85,500 |
190,000 |
Sales |
— |
260,000 |
||
|
Sales |
— |
200,000 |
2009 |
Purchases |
147,200 |
320,000 |
|
|
2007 |
Purchases |
92,000 |
230,000 |
Sales |
— |
300,000 |
|
|
Sales |
— |
210,000 |
In addition the following price indexes are available:
|
January 1, 2006 100 |
December 31, 2008 120 |
|
December 31, 2006 105 |
December 31, 2009 125 |
|
December 31, 2007 110 |
Required
Compute the inventory at the end of each of the 4 years.