Question
On January 1, 2018, the Flou Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $490,000.
On January 1, 2018, the Flou Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $490,000. Inventory data for 2018 through 2020 are as follows:
| Date | Ending Inventory at Year-End Costs | Cost Index | ||
| 12/31/2018 | 540,600 | 1.06 | ||
| 12/31/2019 | 598,500 | 1.14 | ||
| 12/31/2020 | 638,600 | 1.24 | ||
| Calculate the dollar-value ending inventory for each year |
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Auditing A Practical Approach
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
3rd Edition
0730364577, 978-0730364573
