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Marin Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time the inventory had a cost of $52,000 and a
Marin Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time the inventory had a cost of $52,000 and a retail price of $100,000. The following information is available.
Year-End Inventory at Retail | Current Year CostRetail % | Year End Price Index | |||||
2019 | $119,780 | 60% | 106 | ||||
2020 | 147,400 | 63% | 110 | ||||
2021 | 124,260 | 64% | 114 | ||||
2022 | 148,750 | 61% | 125 |
The price index at January 1, 2019, is 100. Compute the ending inventory at December 31 of the years 20192022.
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