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Lance - Hefner Specialty Shoppes decided to use the dollar - value LIFO retail method to value its inventory. Accounting records provide the following information:

Lance

-

Hefner Specialty Shoppes decided to use the dollar

-

value LIFO retail method to value its

inventory. Accounting records provide the following information:

Related retail price indexes are as follows:

Required:

Determine ending inventory and cost of goods sold using the information provided.

Answer is complete but not entirely correct.

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