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Blossom Company has used the dollar-value LIFO method since January 1, 2017. Blossom uses internal price indexes and multiple pools. At the end of calendar
Blossom Company has used the dollar-value LIFO method since January 1, 2017. Blossom uses internal price indexes and multiple pools. At the end of calendar year 2018, the following data are available for Blossoms inventory pool A.
Inventory | At Base-Year Cost | At Current-Year Cost | |||
---|---|---|---|---|---|
January 1, 2017 | $1,000,000 | $1,000,000 | |||
December 31, 2017 | 1,230,000 | 1,353,000 | |||
December 31, 2018 | 1,280,000 | 1,459,200 |
Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory in Pool A be reported at December 31, 2018?
December 31, 2018 | ||
---|---|---|
Price Index | enter the price index | |
Dollar-value LIFO inventory | $enter the inventory in dollars |
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