To use the dollar-value LIFO retail method for inventory, the second step is to determine the estimated:
A. Ending inventory at current year retail prices.
B. Cost of goods sold for the current year.
C. Ending inventory at cost.
D. Ending inventory at base year retail prices.
Answer: D. Ending inventory at base year retail prices.
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.