The first step, when using dollar-value LIFO retail method for inventory, 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
The first step, when using dollar-value LIFO retail method for inventory, 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.