Posted: 30 Dec 2009 at 13:27 | IP Logged
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On December 31, Year 3, Jason Company adopted the dollar-value LIFO retail inventory method. Inventory data for Year 4 are as follows:
LIFO Cost Retail
Inventory, 12/31/ Year 3 360,000 500,000
Inventory, 12/31/ Year 4 660,000
Increase in price level for Year 4 10%
Cost-retail ratio for Year 4 70%
Under the dollar-value LIFO retail method, Jasonˇ¦s inventory at December 31, Year 4, is:
Answer: 437,000
Does anyone know how to work on this question? Thanks!!
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