The Henry Store Has the Following Data for Inventory The Store Uses the Dollar-Value LIFO Retail Method

question 42

Multiple Choice

The Henry Store has the following data for inventory: $$\begin{array} { | l | r | r | } \hline & \text { Cost } & \text { Retail } \\\hline \text { Inventory, January 1 } & \$ 300,000 & \$ 450,000 \\\hline \text { Purchases for January } & 340,000 & 480,000 \\\hline \text { Sales for January } & & 440,000 \\\hline\end{array}$$
The store uses the dollar-value LIFO retail method. The price index for the year is 1.08. The price index that pertains to the beginning inventory is 1.00. Round all ratios to four decimal places. What is the cost of the ending inventory at January 31? (Round any percentages to two decimal places, X.XX%, and your final answer to the nearest dollar.)

• A) $300,000
• B) $302,833
• C) $453,704
• D) $490,000

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Definitions:

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