Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time

Question:

Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. 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, 2019, is 100.

Instructions

Compute the ending inventory at December 31 of the years 2019?2022. (Round to the nearest dollar.)

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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