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Compute the cost of Davison inventory at December

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Problem - Dollar-Value LIFO Retail - On December 31, 2018, Davison Company adopted the dollar-value LIFO retail inventory method. Inventory data for 2019 are as follows:

 

LIFO Cost

Retail

Inventory, 12/31/2018

$360,000

$500,000

Inventory, 12/31/2019

$660,000

Increase in price level for 2019

10%

Cost-to-retail ratio for 2019

70%

Required - Compute the cost of Davison's inventory at December 31, 2019.

Reference no: EM132884013

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