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Compute the cost of the inventory on december

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You assemble the following information for Sheridan Department Store, which computes its inventory under the dollar-value LIFO method.

                                                              Cost                         Retail

Inventory on January 1, 2020            $294,000              420,000

Purchases                                   537,500                    672,000

Increase in price level for year 9%

Question 1: Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is

(a) $412,020 and

(b) $511,210

(a) Cost of the inventory on December 31, 2020 $ ....

(b) Cost of the inventory on December 31, 2020

Reference no: EM132505264

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