1. Dollar-Value LIFO Retail You assembles the following information for Dillon Department Store, which computes its inventory under the dollar-value LIFO method.Cost RetailInventory on January 1, 2010 $222,000 $300,000Purchases 364,800 480,000
Increase in price level for year 9%Compute the cost of the inventory on December 31, 2010, assuming that the inventory at retail is
(a) $294,300 and
(b) $359,700