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You assemble the following information for Monty Department Store, which computes its inventory under the...

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Accounting

You assemble the following information for Monty Department Store, which computes its inventory under the dollar-value LIFO method. Cost Retail Inventory on January 1, 2017 $218,152 $294,800 Purchases 372,684 477,800 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) $296,900 and (b) $360,790. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987.) (a) Cost of the inventory on December 31, 2017 $ (b) Cost of the inventory on December 31, 2017 $

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