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Under the LIFO retail inventory method, the cost of a new layer added during the period is determined by multiplying the retail value of the layer by the:________. a. cost-to-retail percentage based on
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21 votes
21 votes
Under the LIFO retail inventory method, the cost of a new layer added during the period is determined by multiplying the retail value of the layer by the:________.

a. cost-to-retail percentage based on the goods available for sale.
b. beginning-inventory cost-to-retail percentage.
c. current-period cost-to-retail percentage.

User Fraction
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1 Answer

14 votes
14 votes

Answer:

C. current-period cost-to-retail percentage.

Step-by-step explanation:

User Stephen Docy
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