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Compute the cost of the inventory on december 31 2010

Question - Dollar-Value LIFO Retail

You assemble the following information for Dillon Department Store, which computes its inventory under the dollar-value LIFO method.

	Cost	Retail
Inventory on January 1, 2010	$231,120	$321,000
Purchases	390,336	513,600
Increase in price level for year		9%

Compute the cost of the inventory on December 31, 2010, assuming that the inventory at retail is (a) $314,901 and (b) $390,711.

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Accounting Basics: Compute the cost of the inventory on december 31 2010

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Accounting Basics: Compute the cost of the inventory on december 31 2010

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