Business, 27.12.2020 16:50 yfnal3x

Harlequin Co. adopted the dollar-value LIFO retail method at the beginning of 2021 (its base year). Its beginning inventory for 2021 was $38,500 at cost and $74,500 at retail prices. At the end of 2021, it computed its estimated ending inventory at retail to be $115,000. Assuming its cost-to-retail percentage for 2021 transactions was 40%, and that the retail price index at the end of 2021 was 1.3, what is the inventory balance that Harlequin Co. would report in its 12/31/2021 balance sheet?

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Harlequin Co. adopted the dollar-value LIFO retail method at the beginning of 2021 (its base year)....

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