*Pr. 9-114—LIFO retail inventory method, stable prices.
Miller Variety Store utilizes the LIFO retail inventor method. You can find information about the calculation of inventory here December 31, 2007, follows:
Inventory, January 1, 2007$136,000$220,000
Place an order480,000700,000
Discounts on net60,000
Compute the stock assuming that the price index did not change during the past year December 31, 2007Use the LIFO retail inventory technique.
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