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As of January 1, 2017, Pearl Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June
As of January 1, 2017, Pearl Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2017, you obtain the following data. Compute Pearl's June 30, 2017, inventory under the conventional retail method of accounting for inventories. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28, 987.) Inventory under the conventional retail method $ Without prejudice to your solution to part (a), assume that you compute the June 30, 2017, inventory to be $56, 160 at retail and the ration of 2017, inventory at the June 30 price level under the dollar-value LIFO retail method. (Round ratios for computational purposes to 2 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28, 987.) Ending inventory at dollar-value LIFO cost $
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