Dollar-Value LIFO Retail Johns Company adopts the dollar-value LIFO retail inventory method on January 1, 2019. The following information for 2019 is obtained from Johns’ records:
The price index on January 1, 2019, was 100, and on December 31, 2019, it was 110.
Required:
Compute the cost of the inventory on December 31, 2019. Round the cost-to-retail ratio to 3 decimal places.
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