Question
Computing Ending Inventory under Dollar-Value LIFO Will Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020
Computing Ending Inventory under Dollar-Value LIFO
Will Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020 through 2022.
| Year | Ending Inventory at FIFO | Price Index |
|---|---|---|
| 2020 | $5,000 | 1.00 |
| 2021 | 8,000 | 1.10 |
| 2022 | 10,000 | 1.13 |
What is its ending inventory under the dollar-value LIFO method for the years 2020, 2021, and 2022?
Note: Round your answers to the nearest whole dollar.
| Dollar-value LIFO ending inventory, 2020 | ? |
| Dollar-value LIFO ending inventory, 2021 | ? |
| Dollar-value LIFO ending inventory, 2022 | ? |
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Accounting For Biological Assets
Authors: Rute Goncalves, Patricia Teixeira Lopes
1st Edition
1032096225, 9781032096223
