On December 31, 2012, Davison Company adopted the dollar-value LIFO retail inventory method. Inventory data for 2013

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On December 31, 2012, Davison Company adopted the dollar-value LIFO retail inventory method. Inventory data for 2013 are as follows:

Required:
Compute the cost of Davison's inventory at December 31, 2013.

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Intermediate Accounting Reporting and Analysis

ISBN: 978-1111822361

1st edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Question Posted: Sep 11, 2016 11:16 AM

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On December 31, 2012, Davison Company adopted the dollar-value LIFO retail inventory method. Inventory data for 2013

Question:

LIFO Cost Retail $360,000 Inventory, 12/31/12 Inventory, 12/31/13 Increase in price level for 2013 Cost-to-retail ratio for 2013 $500,000 $660,000 10% 70%

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Ending inventory converted to baseyear prices 660000 ...View the full answer

Intermediate Accounting Reporting and Analysis

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