You assemble the following information for Pina Department Store, which computes its inventory under the...
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Accounting
You assemble the following information for Pina Department Store, which computes its inventory under the dollar-value LIFO method.
Cost
Retail
Inventory on January 1, 2020
$444,600
$570,000
Purchases
729,600
912,000
Increase in price level for year
9%
Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $559,170 and (b) $693,785. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987.)
(a)
Cost of the inventory on December 31, 2020
$_________
(b)
Cost of the inventory on December 31, 2020
$_________
Answer & Explanation
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