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ABC Company adopted Dollar Value LIFO on January 1, 2014. The base year inventory costs at January 1 is $650,000. The following information should be
| ABC Company adopted Dollar Value LIFO on January 1, 2014. The base year | ||||
| inventory costs at January 1 is $650,000. The following information should | ||||
| be used to calculate Ending Inventory using Dollar Value LIFO: | ||||
| Date | Ending Inventory at | Cost Index | ||
| current year cost | ||||
| 1/1/2014 | 650,000 | 1.00 | ||
| 12/31/2014 | 760,000 | 1.04 | ||
| 12/31/2015 | 810,000 | 1.08 | ||
| 12/31/2016 | 830,000 | 1.16 | ||
| 12/31/2017 | 960,000 | 1.22 | ||
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Auditing And Assurance Services
Authors: Alvin Arens, Randal Elder, Mark Beasley
14th Edition
1256560812, 9781256560814
