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Stone Shoe Company adopted dollar-value LIFO on January 1, 2019. The company produces four products and uses a single inventory pool. The company's beginning


 

Stone Shoe Company adopted dollar-value LIFO on January 1, 2019. The company produces four products and uses a single inventory pool. The company's beginning inventory consists of the following: Type Quantity Cost per Unit Total Cost Running 80,000 $16 $1,280,000 Tennis 30,000 15 450,000 Basketball 60,000 Soccer 14 840,000 40,000 17 680,000 210,000 $3,250,000 During 2019, the company has the following purchases and sales: Quantity Selling Price Type Purchased Cost per Unit Quantity Sold per Unit Running Tennis 150,000 $19 140,000 $40 130,000 16 100,000 38 Basketball Soccer 100,000 14 90,000 37 120,000 500,000 18 140,000 42 470,000 Required: 1. Compute the dollar-value LIFO cost of the ending inventory. Round the cost index to 4 decimal places and all other amounts to the nearest dollar.

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Answer To compute the dollarvalue LIFO cost of the ending inventory we first need to determine the cost index for each type of inventory The cost inde... blur-text-image

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