(Answered) Smith-kline company maintains inventory records at selling

Accounting

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2011, the records indicate the following data:

Required:

Assuming the price level increased from 1.00 at January 1 to 1.10 at December 31, 2011, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold.

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