Question
Cherokee Company uses the dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows: Year ended December 31
Cherokee Company uses the dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows: Year ended December 31 Inventory at End-of-year Prices Price Index
2019 $ 650,000 1.00
2020 1,255,000 1.05
2021 1,346,250 1.08
What is the 2021 inventory balance using dollar-value LIFO?
a) $1,248,052.00
b) $1,346,250.17
c) $1,212,838.43
d) $1,277,892.85
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Sound Investing, Chapter 6 - Valuation Of Assets And Liabilities
Authors: Kate Mooney
1st Edition
0071719288, 9780071719285
