Question
On January 1, 2021, Periwinkle Inc. adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $300,000.
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On January 1, 2021, Periwinkle Inc. adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $300,000. The following data is provided for fiscal year ended December 31, 2021:
- Inventory Valued at Year-End Costs = $331,500
- Cost Index (relative to base year) = 1.02
What is the amount of inventory reported at December 31, 2021 using the Dollar-Value LIFO method?
a. $ 300,000
b. None of the options
c. $ 325,000
d. $ 325,500
e. $ 331,500
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Managerial Accounting
Authors: Karen Wilken Braun, Wendy M. Tietz
2nd Custom Edition
1269396803, 978-1269396806
