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Question: Connie Chung Corporation adopted the dollar-value

Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2016. At that time the inventory had a cost of $54,000 and a retail price of $100,000. The following information is available.
Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2016. At that time the inventory had a cost of $54,000 and a retail price of $100,000. The following information is available.


The price index at January 1, 2016, is 100.

Instructions 
Compute the ending inventory at December 31 of the years 2016–2019. (Round to the nearest dollar.)

The price index at January 1, 2016, is 100. Instructions Compute the ending inventory at December 31 of the years 2016–2019. (Round to the nearest dollar.)





Transcribed Image Text:

Year-End Current Year Year-End Inventory at Retail Cost-Retail % Price Index 106 111 $118,720 138,750 125,350 162,500 2016 57% 2017 60% 2018 61% 115 2019 58% 125

2.99

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