Goose Company utilizes the LIFO retail inventory method. Its cost-to-retail percentage is 60% based on beginning inventory and 64% based on current-period purchases. The company determined that during the current period a new layer was added with retail value of $50,000. The new layer at cost should be:.
a. $32,000.
b. $31,000.
c. $30,000.
d. $50,000
Answers: 2
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Goose Company utilizes the LIFO retail inventory method. Its cost-to-retail percentage is 60% based...
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