Question
Crane, 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
Crane, 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$21,300100201723,320106201827,840116
Compute the value of the 2017 and 2018 inventories using the dollar-value LIFO method.
20172018Inventory under LIFO$
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
