PLEASE explain how to get the answer
Dollar-Value LIFO Retail
The following information is obtained from Burger Company's records. Burger uses the dollar-value LIFO retail method.
| 2019 | 2020 | 2021 | ||||||
| Cost | Retail | Cost | Retail | Cost | Retail | |||
| Purchases | $202,400 | $430,000 | $238,500 | $540,000 | $240,100 | $500,000 | ||
| Net additional markups | — | 20,000 | — | 30,000 | — | 10,000 | ||
| Net markdowns | — | 10,000 | — | 40,000 | — | 20,000 | ||
| Sales | — | 400,000 | — | 650,000 | — | 450,000 | ||
The company adopted LIFO on January 1, 2019, when the cost and retail values of the inventory were $40,000 and $100,000, respectively. Burger experienced the following price indexes:
| January 1, 2019 | 100 | December 31, 2020 | 115 | |
| December 31, 2019 | 108 | December 31, 2021 | 120 |
Required
Compute the cost of the ending inventory for 2019. Round the cost-to-retail ratio out to three decimal places. Round computations and final answers to the nearest dollar.
| BURGER COMPANY | ||
| Calculation of ending inventory by Dollar-Value LIFO Retail inventory method | ||
| 2019 | ||
| Cost | Retail | |
| $ | $ | |
| $ | $ | |
| $ | $ | |
| Ending inventory at retail | $ | |
| Ending inventory at cost | $ | |
Compute the cost of the ending inventory for 2020. Round the cost-to-retail ratio out to three decimal places. Round computations and final answers to the nearest dollar.
| BURGER COMPANY | ||
| Calculation of ending inventory by Dollar-Value LIFO Retail inventory method | ||
| 2020 | ||
| Cost | Retail | |
| $ | $ | |
| $ | $ | |
| $ | $ | |
| $ | $ | |
| Ending inventory at retail | $ | |
| Ending inventory at cost | $ | |
Compute the cost of the ending inventory for 2021. Round the cost-to-retail ratio out to three decimal places. Round computations and final answers to the nearest dollar.
| BURGER COMPANY | ||
| Calculation of ending inventory by Dollar-Value LIFO Retail inventory method | ||
| 2021 | ||
| Cost | Retail | |
| $ | $ | |
| $ | $ | |
| $ | $ | |
| $ | $ | |
| Ending inventory at retail | $ | |
| Ending inventory at cost | $ | |
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