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Determine ending inventory and cost of goods sold

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Reference no: EM131000225

Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information:

Pertinent retail price indexes are as follows:

January 1, 2011 ..... 1.00
December 31, 2011 ... 1.10

Required:

Determine ending inventory and cost of goods sold. 

Reference no: EM131000225

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