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		$237,000		$300,000
Purchases		408,196		497,800
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) $296,300 and (b) $354,996. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987.)