To use the dollar-value LIFO retail method for inventory, the first step is to:
A. Determine the estimated ending inventory at current year retail prices.
B. Determine the estimated cost of goods sold for the current year.
C. Determine the cost-to-retail percentage for the current year transactions.
D. Price index adjust the LIFO inventory layers.
Answer: C. Determine the cost-to-retail percentage for the current year transactions
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.