Question
Pronghorn Company adopted the dollar-value LIFO method on January 1, 2017 (using internal price indexes and multiple pools). The following data are available for inventory
Pronghorn Company adopted the dollar-value LIFO method on January 1, 2017 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO.
| Inventory | At Base-Year Cost | At Current-Year Cost | ||
| 1/1/17 | $201,600 | $201,600 | ||
| 12/31/17 | 248,900 | 273,790 | ||
| 12/31/18 | 255,500 | 291,270 |
Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2018?
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Cost Benefit Analysis Theory And Application
Authors: Tevfik F. Nas
1st Edition
080397132X, 978-0803971325
