Question
Flint Company had ending inventory at end-of-year prices of $120,700at December 31, 2016; $142,120at December 31, 2017; and $158,886at December 31, 2018. The year-end price
Flint Company had ending inventory at end-of-year prices of $120,700at December 31, 2016; $142,120at December 31, 2017; and $158,886at December 31, 2018. The year-end price indexes were100at 12/31/16,110at 12/31/17, and117at 12/31/18.
Compute the ending inventory for Flint Company for 2016 through 2018 using the dollar-value LIFO method.
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Managerial Accounting Tools For Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
2nd Canadian Edition
