Question: The second step, when using dollar-value LIFO retail method for inventory, is to determine the estimated: A. Ending inventory at current year retail prices. B.

The second step, when using dollar-value LIFO retail method for inventory, is to determine the estimated:

A. Ending inventory at current year retail prices.

B. Cost of goods sold for the current year.

C. Ending inventory at cost.

D. Cost-to-retail percentage is applied to retail layer.

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