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Knowledge Check 01 Consider the following information. What is the estimate of ending inventory using the dollar-value LIFO retail method? Beginning inventory at retail (base

Knowledge Check 01 Consider the following information. What is the estimate of ending inventory using the dollar-value LIFO retail method?


Beginning inventory at retail (base year)	$	120,000
Ending inventory at retail	$	168,000
Beginning cost-to-retail percentage		40	%
Current-year cost-to-retail percentage		45	%
Retail price index for the year		1.12

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