sweet Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $63,000 and a retail price of $100,000. The following information is available. Year-EndInventory at Retail Current YearCost-Retail% Year-EndPrice Index 2024 $127.200 60% 106 2025 144.480 63% 112 2026 133.400 64% 115 2027 152,500 61% 125 The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to O decimal places, eg. 78% and final answers to O decimal places, eg. 28,987.) 2024 2025 2026 2027 Ending inventory avoid images in solution thnx

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.