Question

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.

Answer 1

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

Step-by-step explanation: