Question
On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory cost on this date was $101,300. The ending inventory, valued at year-end
On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory cost on this date was $101,300. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below:
| Year-End | Ending Inventory at Year-End Costs | Cost Index |
|---|---|---|
| 2024 | $ 130,095 | 1.05 |
| 2025 | 148,720 | 1.10 |
| 2026 | 159,060 | 1.20 |
In determining the inventory balance for the company to report in its 12/31/2025 balance sheet:
Multiple Choice
An additional layer of $12,430 is added to the 12/31/2024 balance.
An additional layer of $24,430 is added to the 12/31/2024 balance.
An additional layer of $23,430 is added to the 12/31/2024 balance.
None of the other answer choices are correct.
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How To Trade Stocks For A Living The Ultimate 4 Book Compilation
Authors: Mark Lowe
1st Edition
B08BQRC9S5
