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2) Golden Products, Inc. adopted the dollar-value LIFO method of computing inventory on January 1, 2018. Inventory on January 1st was $322,000. Year-end inventories at
| 2) Golden Products, Inc. adopted the dollar-value LIFO method of computing inventory on January 1, 2018. Inventory on January 1st was $322,000. Year-end inventories at year-end costs and cost indexes were as follows: | ||||||
| Date | Inventory Year-End Costs | Cost Index | ||||
| 2018 | $ 344,000 | 1.04 | ||||
| 2019 | 355,000 | 1.05 | ||||
| 2020 | 361,000 | 1.07 | ||||
| What is the ending inventory at December 31, 2018, 2019, and 2020 using the dollar-value LIFO method? | ||||||
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Auditing Cases An Interactive Learning Approach
Authors: Steven M Glover, Douglas F Prawitt
4th Edition
0132423502, 978-0132423502
