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Ivanhoe Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2016. At that time the inventory had a cost of $59,000 and a
Ivanhoe Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2016. At that time the inventory had a cost of $59,000 and a retail price of $100,000. The following information is available.
Year-End Current Year Year End Inventory at Retail CostRetail % Price Index
2016 $117,660 57% 106
2017 $148,500 60% 110
2018 $120,750 61% 115
2019 $176,400 58% 126
The price index at January 1, 2016, is 100.
Compute the ending inventory at December 31 of the years 20162019.
2016 2017 2018 2019
Ending Inventory: $ $ $ $
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