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Kramer Company values its inventory by using the retail method (LIFO basis, stab

ID: 2371373 • Letter: K

Question

Kramer Company values its inventory by using the retail method (LIFO basis, stable prices). The following information is available for the year 2012.

                                                                                      Cost               Retail        

      Beginning inventory                                           $ 78,000         $140,000

      Purchases                                                            368,000           628,000

      Freight-in                                                                16,000

      Markups (net)                                                           

Explanation / Answer

b

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