Harlequin Co

question 7

Multiple Choice

Harlequin Co.has used the dollar-value LIFO retail method since it began operations in early 2015 (its base year) .Its beginning inventory for 2016 was $36,000 at cost and $72,000 at retail prices.At the end of 2016,it computed its estimated ending inventory at retail to be $120,000.Assuming its cost-to-retail percentage for 2016 transactions was 60%,what is the inventory balance that Harlequin Co.would report in its 12/31/16 balance sheet?

• A)$64,800.
• B)$72,000.
• C)$120,000.
• D)The balance can't be determined with the given information.

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