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

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Accounting

You assemble the following information for Pina Department Store, which computes its inventory under the dollar-value LIFO method.

Cost

Retail
Inventory on January 1, 2020 $444,600 $570,000
Purchases 729,600 912,000
Increase in price level for year 9%

Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $559,170 and (b) $693,785. (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, 2020

$_________

(b) Cost of the inventory on December 31, 2020

$_________

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