P9-8 Smith-Kline Company maintains inventory records at selling prices as well as at cost....
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Accounting
P9-8
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2016. the records indicate the following data: Required: Assuming the price level increased from 1.00 at January 1 to 1.10 at December 31, 2016, use the dollor-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. On January 1.2016. HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016 and 2017 are as follows
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P9-8