Question
The x company adopted the dollar value LIFO retail method on January 1, 2018. At that time, their inventory had a cost of $123000 and
The x company adopted the dollar value LIFO retail method on January 1, 2018. At that time, their inventory had a cost of $123000 and a retail price of $205000. The price index was 1.00 as of January 1,2018. Shown below is inventory-related information for the years 2018 through 2020:
YearendLIFO cost
Inventorypercentage foryear-end
Yearat retailcurrent yearprice index
2018$239,80064%1.09
2019218,40068%1.12
2020269,10058%1.15
For each of three years indicated calculate the LIFO inventory amount that X would show on its balance sheet. Show all supporting calculations
LIFO inventory balance as of 12/31/2018
LIFO inventory balance as of 12/31/2019:
LIFO inventory balance as of 12/31/2020
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