E9-24 (Dollar-Value LIFO Retail) 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%
Instructions
Compute the cost of the inventory on December 31, 2010, assuming that the inventory at retail is (a) $294,300 and (b) $359,700.
Click here for the solution: You assemble the following information for Dillon Department Store, which computes its inventory under the dollar-value LIFO method
