The Golden Company adopted the dollar-value retail LIFO method on January 1, 2007. The following information relates to the following 2 years:In addition the following price indexes are available:January 2007 …….. 100December 2007 ……. 106September 2008 …… 110On September 8, 2008 a fire destroyed the inventory except for goods in transit (properly recorded), FOB shipping point, at a cost of $8,000, and undamaged goods salvaged from the fire, which had a retail value of $10,000.RequiredCompute the cost of the inventory destroyed in thefire.
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The Golden Company adopted the dollar value retail LIFO method o

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