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Purpose: This exercise will illustrate the use of the dollar-value LIFO retail method when there is: (a) a decrease in inventory and (b) an increase in inventory.
You assemble the following information for Henrietta's Department Store, which computes its inventory under the dollar-value LIFO retail method.
Cost
Retail
Inventory on January 1, 2014
$227,200
$320,000
Purchases
340,400
460,000
8%
Instructions
(a) Compute the cost of the inventory on December 31, 2014, assuming that the ending inventory at retail is $286,200.
(b) Compute the cost of the inventory on December 31, 2014, assuming that the ending inventory at retail is $351,000.
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