Question
On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory cost on this date was $101,400. 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 $101,400. 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 | $ 130,410 | 1.05 |
| 2025 | 149,160 | 1.10 |
| 2026 | 159,480 | 1.20 |
What inventory balance should the company report on its 12/31/2024 balance sheet?
Multiple Choice
$130,200
$125,340
$124,200
$101,400
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Personal Finance
Authors: Jeff Madura
3rd Edition
0321357973, 978-0321357977
