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Ashbrook Company adopted the dollar-value LIFO method on January 1, 2014 (using internal price indexes and multiple pools). The following data are available for inventory
Ashbrook Company adopted the dollar-value LIFO method on January 1, 2014 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2015? (Round price index and dollar-value LIFO inventory to 0 decimal places, e.g. 162.) Need help calculating Dollar Value LIFO inventory.
Inventory | At Base Year Cost | At Current Year Cost |
1/1/14 | 226,000 | 226,000 |
12/31/14 | 242,000 | 290,400 |
12/31/15 | 265,000 | 325,950 |
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