Question: Retail Corp adopted the dollar-value LIFO method on 1-1-2016. Date Year-end inventory at year-end cost Cost index at date indicated 1-1-16 $2,340,000 1.00 12-31-16 $2,650,000
Retail Corp adopted the dollar-value LIFO method on 1-1-2016.
| Date | Year-end inventory at year-end cost | Cost index at date indicated | |||
| 1-1-16 | $2,340,000 | 1.00 | |||
| 12-31-16 | $2,650,000 | 1.06 | |||
| 12-31-17 | $2,680,000 | 1.10 |
Given the above information, please answer the following questions:
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1A. What is the base inventory value ($)?
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1B. What is the dollar-value LIFO inventory at 12-31-16?
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1C. What is the dollar-value LIFO inventory at 12-31-2017?
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