Question
On December 31, 2018, Judd Company adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method is $270.
On December 31, 2018, Judd Company adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method is $270. The current cost ending inventory balances for 2019, 2020, and 2021 are $378, $402.5, and $575, respectively. The inflation rate from 2018 to 2019 is 5%, from 2019 to 2020 is 15%, and from 2020 to 2021 is 25%.
REQUIRED: Fill in the blanks below on the inventory layers valued using Dollar Value LIFO approach at the end of 2021. Do NOT leave any year blank.
2018 layer in 2021 ending inventory is ___________
2019 layer in 2021 ending inventory is ______________
2020 layer in 2021 ending inventory is ______________
2021 layer in 2021 ending inventory is______________
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Financial Accounting Information For Decisions
Authors: Robert W. Ingram, Bruce Baldwin
4th Edition
0324069545, 978-0324069549
