Solved: Compute the cost of the inventory on december 31 2017, Accounting Basics

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Compute the cost of the inventory on december 31 2017

Question - Using the dollar value LIFO method.

Cost Retail

Inventory on January 1, 2017 216,000 300,000

Purchases 364,800 480,000

Increase in price level for year 9%

Compute the cost of the inventory on December 31, 2017, assuming that the inventory at retail is (a) 294,300 and (b) 365,150.

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Accounting Basics: Compute the cost of the inventory on december 31 2017

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Accounting Basics: Compute the cost of the inventory on december 31 2017

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