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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...