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perry company manufactures a single product. On December, 2007, perry adopted the dollar-value LIFo inventory method.

perry company manufactures a single product. On December, 2007, perry adopted the dollar-value LIFo inventory method. The inventory on that date using the dollar-value LIFO inventory method was $50,000. Inventory data are as follows:

Year Inventory at respective Price Index at year end
YEAR end cost prices
2007 $50,000. 1005
2008 73,500 105
2009 71,500 110

COMPUTE THE INVENTORY AT 12/31/2008 AND 2009 USING THE DOLLAR VALUE lifo METHOD.

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