Swifty Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1101000 and the relevant price
Swifty Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1101000 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 $1280000 106 December 31, 2021 1456000 124 December 31, 2022 1623000 129 What is the cost of the ending inventory at December 31, 2022 under dollar-value LIFO? (Round intermediate calculations and final answer to 0 decimal places, e.g. 10,000.) $1282140. $1325140. $126876. $1258140..
Step by Step Solution
There are 3 Steps involved in it
Step: 1
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started