Question
Oriole Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1105000 and the relevant price
Oriole Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1105000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:
| Date | Inventory at Current Prices | Current Price Index | ||||
| December 31, 2020 | $1274000 | 107 | ||||
| December 31, 2021 | 1448000 | 125 | ||||
| December 31, 2022 | 1620000 | 130 | ||||
What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO?
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Auditing And Assurance Services
Authors: Alvin A. Arens . Randal J. Elder . Mark S. Beasley
18th Global Edition
1292448989, 978-1292448985
