Question
Swifty, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended December 31 Inventory at Current-Year
Swifty, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow.
Year Ended December 31 Inventory at Current-Year Cost Price Index
2019 $19,800 100
2020 21,935 107
2021 25,538 113
Compute the value of the 2020 and 2021 inventories using the dollar-value LIFO method.
2020 2021
Inventory under LIFO $enter a dollar amount $enter a dollar amount
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Accounting Information Systems
Authors: Vernon Richardson, Chengyee Chang, Rod Smith
2nd edition
