Question: Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $54,000 and

Connie Chung adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $54,000 and a retail price of $100,000. The following information is available.

The price index at January 1, 2013, is 100.

Instructions
Compute the ending inventory at December 31 of the years 2013€“2016.

Year-End Inventory at Retail $118,720 138,750 125.350 162,500 Current Year Cost-Retail 96 Year-End 2013 2014 2015 2016 57% 60% 61% 58% Price Index 106 115 125

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