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Can someone please look over my work and make sure I'm doing this right? Any feedback would be greatly appreciated. Thanks. . Steven's Co. adopted
Can someone please look over my work and make sure I'm doing this right? Any feedback would be greatly appreciated. Thanks.
. Steven's Co. adopted the Dollar Value LIFO method in 2019. Determine the ending inventory amount for years, 1,2 & 3 and place your answers at the bottom of the page. Steven's Co.base year inventory was $1,500,000. At the end of 2020, the ending inventory value was $1,705,000. The price level relative to the base year is now 1.10. At the end of year two, it has an ending inventory value of $1,800,000. The price level relative to the base year is now 1.20. At the end of year three, it has an ending inventory value of $1,940,000. The price level relative to the base year is now 1.25. 2019 1,500,000. 2020 1,705,000. 2021 1,800,000. 2022. 1,940,000. 1.00. 1.10. 1.20. 1.25. 1,500,000. 50,000. -50,000. 52,000. Year 1 1,500,000 + 55000 $1,555,000 Year 2 1,500,000 + 55,000 55,000 = $1,500,000 = Year 3 1,500,000 + 55,000 - 55,000 + 2500 = $1,502,500 . Steven's Co. adopted the Dollar Value LIFO method in 2019. Determine the ending inventory amount for years, 1,2 & 3 and place your answers at the bottom of the page. Steven's Co.base year inventory was $1,500,000. At the end of 2020, the ending inventory value was $1,705,000. The price level relative to the base year is now 1.10. At the end of year two, it has an ending inventory value of $1,800,000. The price level relative to the base year is now 1.20. At the end of year three, it has an ending inventory value of $1,940,000. The price level relative to the base year is now 1.25. 2019 1,500,000. 2020 1,705,000. 2021 1,800,000. 2022. 1,940,000. 1.00. 1.10. 1.20. 1.25. 1,500,000. 50,000. -50,000. 52,000. Year 1 1,500,000 + 55000 $1,555,000 Year 2 1,500,000 + 55,000 55,000 = $1,500,000 = Year 3 1,500,000 + 55,000 - 55,000 + 2500 = $1,502,500Step by Step Solution
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