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Question 2 aicpa083716far sim information for a firm

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Question 2AICPA.083716FAR-SIMInformation for a firm using the dollar value (DV) LIFO retail method follows. The cost to retail (C/R) isprovided along with price level indices. The data reflects the use of the method through year one.RetailRetailDV LIFOLayerBaseIndexCurrentC/RCostBase$2001.00$200.40$80year one801.1088.34$30
For year two, ending inventory at retail (by count) totaled $450. The ending price-level index for the yearwas 1.15. The cost-to-retail ratio was .42. What is the ending inventory for financial reporting purposesfor this firm?You Answered Correctly!
Question 3AICPA.083715FAR-SIMChoose the correct inclusions to the cost-to-retail ratio computation under the dollar-value LIFO retailmethod.You Answered Incorrectly.

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Term
Fall
Professor
Parkhill,KellyR
Tags
gross margin

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