Question
On January 1, 2016, CBA adopted the dollar-value LIFO method. The inventory value on this date was $684,000, which is considered the base LIFO layer.
On January 1, 2016, CBA adopted the dollar-value LIFO method. The inventory value on this date was $684,000, which is considered the base LIFO layer. Inventory information for 2016 and 2017 is as follows:
| Date | Ending Inventory at Year-End Prices | Price Index |
| 12/31/16 | 777,000 | 105 |
| 12/31/17 | 803,000 | 110 |
Using the dollar value LIFO method, what is the value of the inventory at the end of 2016?
| A. | $750,000 | |
| B. | $690,900 | |
| C. | $780,000 | |
| D. | $742,800 |
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Finance Business Discover Types Of Audits Balance Sheets And Assertions
Authors: Carleen Legalley
1st Edition
B0B5KVD4FZ, 979-8839194779
