Question
Exercise 9-27 Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of
Exercise 9-27 Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $56,000 and a retail price of $100,000. The following information is available. Year-End Inventory at Retail Current Year CostRetail % Year End Price Index 2013 $125,280 56% 108 2014 143,360 59% 112 2015 127,600 61% 116 2016 177,660 55% 126 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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