Question
Cypress Corp. uses dollar-value LIFO. Certain information follows: Year Ending Inventory- Current Cost Index 2004 $5,000 100 2005 5,610 102 2006 5,304 104 2007 6,042
Cypress Corp. uses dollar-value LIFO. Certain information follows:
|
Year | Ending Inventory- Current Cost |
Index |
| 2004 | $5,000 | 100 |
| 2005 | 5,610 | 102 |
| 2006 | 5,304 | 104 |
| 2007 | 6,042 | 106 |
Compute the ending 2007 inventory.
| a. | $5,742 |
| b. | $5,700 |
| c. | $5,722 |
| d. | $5,738 |
Please explain. Thank you.
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Understand Accounting
Authors: Claude Hitching, Derek Stone
1st Edition
0273018833, 978-0273018834
