You assemble the following information for Seneca Department Store, which computes its inventory under the dollar-value LIFO method.

Instructions

Compute the cost of the inventory on December 31, 2014, assuming that the inventory at retail is

(a) $294,300 and

(b)$365,150.

Transcribed Image Text:

Inventory on January 1, 2014 Purchases Increase in price level for year Cost $216,000 364,800 Retail $300,000 480,000 9%