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Smith kline company maintains inventory records

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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2011, the records indicate the following data:

Required:

Assuming the price level increased from 1.00 at January 1 to 1.10 at December 31, 2011, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. 

Reference no: EM131000077

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