(Dollar Value LIFO Retail) Springsteen Corporation adopted the dollar value LIFO retail inventory method on January 1, 2011. At that time the inventory had a cost of $54,000 and a retail price of $100,000. The following information is available.
|
Year End |
Current Year |
Year End |
|
|
2011 |
$121,900 |
57% |
106 |
|
2012 |
138,750 |
60% |
111 |
|
2013 |
126,500 |
61% |
115 |
|
2014 |
162,500 |
58% |
125 |
The price index at January 1, 2011, is 100.
Instructions
Compute the ending inventory at December 31 of the years 2011–2014. Round to the nearest dollar.