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The company had the following inventory at end-of-year prices: $150,000 in 2018 (base year), $167,000 in 2019, and $168,000 in 2020. The price index is
The company had the following inventory at end-of-year prices: $150,000 in 2018 (base year), $167,000 in 2019, and $168,000 in 2020. The price index is 1.03 in 2019 and 1.08 in 2020. What is the value of inventory using dollar-value LIFO in 2020?
a. $162,500
b. $156,500
c. $155,723
d. $155,556
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Evaluating The Effectiveness On Internal Audit Departments
Authors: W. Steve Albrecht, Keith R. Howe, Dennis R. Schueler, Kevin D. Stocks
1st Edition
