Question
Concord, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended December 31 Inventory at Current-Year
Concord, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow.
| Year Ended December 31 | Inventory at Current-Year Cost | Price Index | ||
| 2016 | $19,900 | 100 | ||
| 2017 | 22,149 | 107 | ||
| 2018 | 26,335 | 115 |
Compute the value of the 2017 and 2018 inventories using the dollar-value LIFO method.
| 2017 | 2018 | |||
| Inventory under LIFO |
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Financial Accounting
Authors: Alan Melville
2nd Edition
0273634399, 978-0273634393
