Question
Sheridan Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $ 1102000 and the relevant
Sheridan Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $ 1102000 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 | $ 1272000 | 106 | ||||
| December 31, 2021 | 1441000 | 124 | ||||
| December 31, 2022 | 1625000 | 129 | ||||
What is the cost of the ending inventory at December 31, 2022 under dollar-value LIFO?
A- $ 1259690.
B- $ 1291598.
C- $ 1326690.
D- $ 1283690.
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Financial Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine, Christopher D. Burnley
8th Canadian Edition
111959457X, 978-1119594574
