Donahue adopted the dollar-value LIFO retail inventory method on January 1, 2014. The following information for 2014 was taken from the company's records: The price index on January 1, 2014, was 100. On December 31, 2014, it was 110. Round cost/retail percentages to the nearest whole percent if necessary.
Required:
Compute the inventory value for December 31, 2014.

Question

Donahue adopted the dollar-value LIFO retail inventory method on January 1, 2014. The following information for 2014 was taken from the company's records:  The price index on January 1, 2014, was 100. On December 31, 2014, it was 110. Round cost/retail percentages to the nearest whole percent if necessary.
Required:
Compute the inventory value for December 31, 2014.

Quizplus · Accepted Answer

The Answer of Donahue adopted the dollar-value LIFO retail inventory method on January 1, 2014. The following information for 2014 was taken from the company's records:  The price index on January 1, 2014, was 100. On December 31, 2014, it was 110. Round cost/retail percentages to the nearest whole percent if necessary.
Required:
Compute the inventory value for December 31, 2014.

Donahue Adopted the Dollar-Value LIFO Retail Inventory Method on January