Question
Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company
Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2021, with an inventory of $201,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended Ending Inventory Cost Index December 31 at Year-End Costs (Relative to Base Year) 2021 $ 291,600 1.08 2022 376,420 1.18 2023 355,350 1.15 2024 349,650 1.11 Required: Calculate inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars.)
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Accounting A Smart Approach
Authors: Mary Carey, Cathy Knowles, Jane Towers-Clark
3rd Edition
0198745133, 978-0198745136
