Question: You assemble the following information for Seneca
You assemble the following information for Seneca Department Store, which computes its inventory under the dollar-value LIFO method. 
Instructions: Compute the cost of the inventory on December 31, 2017, assuming that the inventory at retail is a. $294,300 and b. $365,150.
Transcribed Image Text:
Cost Retail Inventory on January 1, 2017 Purchases Increase in price level for year $216,000 $300,000 480,000 9% 364,800
