Question
On January 1, 2019, Lexor Company adopted the dollar-value-LIFO method of inventory costing. Lexor's ending inventory records appear as follows: Year Current cost Index 2019
On January 1, 2019, Lexor Company adopted the dollar-value-LIFO method of inventory costing. Lexor's ending inventory records appear as follows:
Year Current cost Index
2019 $ 42,000 100 (1.00)
2020 58,000 110 (1.10)
2021 60,100 120 (1.20)
2022 68,200 130 (1.30)
Compute the ending inventory for the years 2019, 2020, 2021, and 2022, using the dollar-value LIFO method. Round to the nearest dollar. Show all work. You can use the previous homework template that you used for E7-17.
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Financial Accounting
Authors: Pauline Weetman
6th Edition
0273789252, 978-0273789253
