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Business, 18.12.2019 17:31 Cannon2793

Hms co. adopted the dollar-value lifo retail method at the beginning of 2016 (its base year). its beginning inventory for 2016 was $36,000 at cost and $72,000 at retail prices. at the end of 2016, it computed its estimated ending inventory at retail to be $110,000. assuming its cost-to-retail percentage for 2016 transactions was 60%, and that the retail price index at the end of 2016 was 1.10, what is the inventory balance that hms would report in its 12/31/16 balance sheet

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