Question
On January 1, Ferret, Inc., adopted the dollar-value LIFO method. The inventory cost on this date was $100,000. The 2019 ending inventory, valued at year-end
On January 1, Ferret, Inc., adopted the dollar-value LIFO method. The inventory cost on this date was $100,000. The 2019 ending inventory, valued at year-end costs, was $126,000. The relative cost index for this inventory in 2019 was 1.05. What inventory balance should Ferret report on its 12/31/19 balance sheet? A. $121,000 B. $100,000 C. $126,000 D. $120,000
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077400163
