Exercise 9-24

You assemble the following information for Seneca Department Store, which computes its inventory under the dollar-value LIFO method.

		Cost		Retail
Inventory on January 1, 2014		$214,848		$298,400
Purchases		417,730		564,500
Increase in price level for year				8%

Compute the cost of the inventory on December 31, 2014, assuming that the inventory at retail is (a) $300,100 and (b) $358,452.

1. Cost of the inventory on Decemeber 31, 2014 ?

2. Cost of the inventory on December 31, 2014 ?