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22. Recinos Import adopted the dollar-value LIFO method of inventory valuation on June 30, 2019. Its inventory at that date was $1,100,000 and the relevant
22. Recinos Import adopted the dollar-value LIFO method of inventory valuation on June 30, 2019. Its inventory at that date was $1,100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:
Inventory at Current
Date Current Prices Price Index
June 30, 2020 $1,284,000 107
June 30, 2021 1,450,000 125
June 30, 2022 1,625,000 130
What is the cost of the ending inventory at June 30, 2021 under dollar-value LIFO?
Question 22Answer
a.
$1,250,000
b.
$1,317,000
c.
$1,274,000
d.
$1,281,200
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