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Question(s) / Instruction(s):

*Pr. 9-114—LIFO retail inventory method, stable prices.
Miller Variety Store uses the LIFO retail inventory method. Information relating to the computation of the inventory at December 31, 2007, follows:
     

 

Cost

 

Retail

 

Inventory, January 1, 2007

$136,000

$220,000

Purchases

480,000

700,000

Freight-in

80,000

Sales

 

720,000

Net markups

 

160,000

Net markdowns

 

60,000

Instructions
Assuming that there was no change in the price index during the year, compute the inventory at December 31, 2007, using the LIFO retail inventory method.

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