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On December 31,2022, Lilly Co. adopted the dollar-value LIFO retail inventory...

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Accounting

On December 31,2022, Lilly Co. adopted the dollar-value LIFO
retail inventory method. Inventory data for 2023 are as follows:
LIFO Cost Retail
Inventory, December 31,2022 $155,000 $220,000
Inventory, December 31,2023?275,000
Increase in price level for 202310%
Cost to retail ratio for 202370%
Under the LIFO retail method, Lilly's inventory at December 31,
2023, should be

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