Question
On December 31, 2020, ABC Company adopted the dollar-value LIFO inventory method and has one inventory pool. The inventory cost on that date was $500,000.
On December 31, 2020, ABC Company adopted the dollar-value LIFO inventory method and has one inventory pool. The inventory cost on that date was $500,000. Inventory data are as follows:
Provide the ending inventory number for each of the years 2020, 2021, and 2022. Show your work.
Year Year-end costs 2020 $500,000 2021 $570,000 2022 $585,000 Cost Index 1.00 (base year) 1.05 1.08Step by Step Solution
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Modern Auditing
Authors: Graham Cosserat
2nd Edition
0470863226, 978-0470863220
