Compute the cost of the inventory on december 31 2010, Ask an Expert

Accounting

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

Cost Retail
Inventory on January 1, 2010 $222,000 $300,000
Purchases 364,800 480,000
Increase in price level for year 9%

Compute the cost of the inventory on December 31, 2010, assuming that the inventory at retail is (a) $294,300 and (b) $359,700.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9450285

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