omputing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021?
omputing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....
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4. Ashbrook Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO.
Inventory | At Base- Year Cost |
At Current- Year Cost |
||
1/1/20 | $200,000 | $200,000 | ||
12/31/20 | 240,000 | 264,000 | ||
12/31/21 | 256,000 | 286,720 |
Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021?
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