On February 15, 2012, Rooker, Madras & Associates compiled the following information concerning inventory for five years.

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On February 15, 2012, Rooker, Madras & Associates compiled the following information concerning inventory for five years. They used the dollar-value LIFO retail inventory method.

Compute the inventory cost at the end of each year under the dollar-value LIFO retail method. (Round all dollar amounts to the nearestdollar.)

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Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Question Posted: Jan 28, 2012 06:23 AM

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On February 15, 2012, Rooker, Madras & Associates compiled the following information concerning inventory for five years.

Question:

Year-End Price Index Incremental Increment al Date at Retail Layer Index Cost Percentage Inventory .00 1.04 Dec. 31. 2007 Dec. 31, 2008 Dec. 3. 2009 Dec. 31. 2010 Dec. 31. 2011 1.00 1.02 1.09 1.11 .12 71% 72 64 63 67 $155.000 188.600 92,.500 94,200 195,800 I.12

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Date Dec 31 2007 Dec 31 2008 Dec 31 2009 Dec 31 2010 Dec 31 2011 ...View the full answer

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