Question
Savage Company adopted the dollarminusvalue LIFO method in 2014. At December 31, 2014, ending inventory was $100,000, with a price index of 1.00, using dollarminusvalue
Savage Company adopted the dollarminusvalue LIFO method in 2014. At December 31, 2014, ending inventory was $100,000, with a price index of 1.00, using dollarminusvalue LIFO. At December 31, 2015, the ending inventory using FIFO is $120,000 and the price index is 1.15. What is the LIFO Reserve on December 31, 2015?
The answer is $15000. I want to know how to calculate.
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Auditing And Assurance Services
Authors: Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser, Jay Thibodeau
8th International Edition
1260570517, 978-1260570519
