Question
The Genworth Company adopted the dollar-value LIFO method on January 1, 2021 when the inventory value of its one inventory pool was $720,000. The company
The Genworth Company adopted the dollar-value LIFO method on January 1, 2021 when the inventory value of its one inventory pool was $720,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the cost level. On January 1, 2021, the CPI was 200. On December 31, 2021, inventory valued at year-end cost was $819,000 and the CPI was 210. Required: Calculate the inventory value at the end of 2021 using the dollar-value LIFO method.
Date Inventory DVL Cost
12/31/2021
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
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
Accounting A Systems Approach
Authors: Alison Warman, Jeff Davies
1st Edition
1861520379, 978-1861520371
