To use the dollar-value LIFO retail method for inventory, the second step is to determine the estimated:

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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.

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