Question
ABC Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2017. Its inventory at that date was $1,000,000 and the relevant price
ABC Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2017. Its inventory at that date was $1,000,000 and the relevant price index was 1.00. Information regarding inventory for subsequent years is as follows:
| Date | Inventory at Current Prices | Current Price Index |
| 31-Dec-18 | $ 1,285,200 | 1.08 |
| 31-Dec-19 | $ 1,450,000 | 1.25 |
| 31-Dec-20 | $ 1,625,000 | 1.3 |
What is value of the LIFO reserve at December 31, 2019 under dollar-value LIFO?
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Accounting For Beginners
Authors: Neel Gaines
1st Edition
1801120897, 978-1801120890
