Harlequin Co. has used the dollar-value LIFO retail method since it began operations in early 2008 (its base year). Its beginning inventory for 2009 was $36,000 at cost and $72,000 at retail prices. At the end of 2009, it computed its estimated ending inventory at retail to be $120,000. Assuming its cost-to-retail percentage for 2009 transactions was 60%, what is the inventory balance that Harlequin Co. would report in its 12/31/09 balance sheet?
A)$64,800
B)$72,000
C)$120,000
D)It can't be determined with the given informations You would need to know the retail price index for 2009 transactions relative to the base year to make this computation.

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The Answer of Harlequin Co. has used the dollar-value LIFO retail method since it began operations in early 2008 (its base year). Its beginning inventory for 2009 was $36,000 at cost and $72,000 at retail prices. At the end of 2009, it computed its estimated ending inventory at retail to be $120,000. Assuming its cost-to-retail percentage for 2009 transactions was 60%, what is the inventory balance that Harlequin Co. would report in its 12/31/09 balance sheet?
A)$64,800
B)$72,000
C)$120,000
D)It can't be determined with the given informations You would need to know the retail price index for 2009 transactions relative to the base year to make this computation.