Question
Kim Company adopted Dollar Value LIFO on 12/31/2018. Their inventory value that day was $11,798,000. On 12/31/2019, the company reported inventory worth $18,122,000 at end
Kim Company adopted Dollar Value LIFO on 12/31/2018. Their inventory value that day was $11,798,000. On 12/31/2019, the company reported inventory worth $18,122,000 at end of year prices and the price index was 128. On 12/31/2020, inventory value was $15,609,000 and the price index was 147, and on 12/31/2021, inventory was $28,845,000 with a price index of 154.
What should the company report as ending inventory on 12/31/2021?
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
