Question
I need some help with this please and thank you! Question 19 Oriole Company manufactures one product. On December 31, 2019, Oriole adopted the dollar-value
I need some help with this please and thank you!
Question 19
Oriole Company manufactures one product. On December 31, 2019, Oriole adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $940,000. Inventory data are as follows:
| Year | Inventory at year-end prices | Price index (base year 2019) | ||||
| 2020 | $1,234,800 | 1.05 | ||||
| 2021 | 1,840,000 | 1.15 | ||||
| 2022 | 1,900,000 | 1.25 | ||||
Compute the inventory at December 31, 2020, 2021, and 2022, using the dollar-value LIFO method for each year.
| Inventory at December 31, 2020 | $ | |
| Inventory at December 31, 2021 | $ | |
| Inventory at December 31, 2022 | $ |
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
12th edition
1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056
