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Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $57,000and a
Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $57,000and a retail price of $100,000. The following information is available.
Year-End Inventory at Retail | Current Year CostRetail % | Year End Price Index | |
2013 | $127,330 | 57% | 107 |
2014 | 140,120 | 59% | 113 |
2015 | 128,700 | 61% | 117 |
2016 | 170,180 | 56% | 127 |
The price index at January 1, 2013, is 100.
Compute the ending inventory at December 31 of the years 20132016. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987)
2013 | 2014 | 2015 | 2016 | |
Ending inventory | $ | $ | $ | $ |
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