Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Alster Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2015. Its inventory at that date was $110,000 and the relevant price

Alster Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2015. Its inventory at that date was $110,000 and the relevant price index was 100. Information regarding inventory is as follows:

Date Inventory at Current Prices Current Price Index

12/31/15 $110,000 100

12/31/16 $128,400 107

12/31/17 $145,000 125

12/31/18 $169,000 130

What is the ending inventory at cost for December 31, 2016 through 2018 using Dollar Value LIFO?

- A. B. C. D. E. F. G.

Ending Inventory as of December 31, 2015

- A. B. C. D. E. F. G.

Ending Inventory as of December 31, 2016

- A. B. C. D. E. F. G.

Ending Inventory as of December 31, 2017

- A. B. C. D. E. F. G.

Ending Inventory as of December 31, 2018

A.

116,000

B.

125,700

C.

110,000

D.

120,700

E.

117,500

F.

116,420

G.

134,620

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Strawser

2nd Edition

0073128244, 9780073128245

More Books

Students also viewed these Accounting questions