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(Dollar-Value LIFO Retail) You assemble the following information for Seneca Department store, which computes its...

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Accounting

(Dollar-Value LIFO Retail) You assemble the following information for Seneca Department store, which computes its inventory under the dollar-value LIFO method.

Cost Retail
Inventory on January 1, 2020 $216,000 $300,000
Purchases 364,800 480,000
Increase in price level for year 9%

Instructions:

Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $294,300 and (B) $365,150.

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