On February 15, 2014, Rooker, Madras & Associates compiled the following information concerning inventory for five years.

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On February 15, 2014, Rooker, Madras & Associates compiled the following information concerning inventory for five years. They used the dollar-value LIFO retail inventory method.

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Intermediate Accounting

ISBN: 978-0538479738

18th edition

Authors: Earl K. Stice, James D. Stice

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Question Posted: Nov 28, 2016 10:34 AM

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On February 15, 2014, Rooker, Madras & Associates compiled the following information concerning inventory for five years.

Question:

Year-End Price Index at Retail Date Layer Index Cost Percentage Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2013 1.00 1.04 1.14 1.12 1.16 1.00 1.02 1.09 1.11 1.12 71% 72 64 63 67 $155,000 188,600 192,500 194,200 195,800

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Date Dec 31 2009 Dec 31 2010 Dec 31 2011 Dec 31 2012 Dec 31 2...View the full answer

Intermediate Accounting

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