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On January 1, 2024, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert
On January 1, 2024, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $215,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2024 Inventory at Cost Index (Relative to Base Year) Year-End Costs $ 291,600 $ 1.08 2025 2026 347,200 350,750 1.12 1.15 Required: Compute inventory amounts at the end of each year using the dollar-value LIFO method. Date 12/31/2024 12/31/2025 12/31/2026 Ending Inventory Dollar-Value LIFO Cost
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