Question
On January 1, 2016, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $115,000. The 2016 ending inventory, valued at
On January 1, 2016, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $115,000. The 2016 ending inventory, valued at year-end costs, was $150,800. The relative cost index for this inventory in 2016 was 1.16. What inventory balance should Badger report on its 12/31/16 balance sheet?
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International Accounting
Authors: Frederick D. Choi, Gary K. Meek
7th Edition
978-0136111474, 0136111475
