Question
Swifty Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory
Swifty Company adopted the dollar-value LIFO method on January 1, 2020 (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 | ||
|---|---|---|---|---|
| 1/1/20 | $201,600 | $201,600 | ||
| 12/31/20 | 248,900 | 273,790 | ||
| 12/31/21 | 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, 2021?
| December 31, 2021 | ||
|---|---|---|
| Price Index | enter the price index
| |
| Dollar-value LIFO inventory | $enter a dollar amount
|
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Cost Benefit Analysis With Reference To Environment And Ecology
Authors: James H. Meisel, K. Puttaswamaiah
1st Edition
1138521329, 978-1138521322
