(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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