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Mander Coproration began operations on January 1, 2010, with a beginning inventory of $34,300 at cost and $50,000 at retail. The following information relates to 2010.

Retail
Beginning Inventory $50,000.00
Net Purchases ($108,500 at cost) $150,000.00
Net Markups $10,000.00
Net Markdowns $5,000.00
Sales $128,000.00

Assume instead that Mander decides to adopt the dollar-value LIFO retail method. The appropriate price indexes are 100 at January 1 and 110 at December 31. Compute the ending inventory to be reported in the balance sheet

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M984977

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