Question
Vaughn Manufacturing adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1110000 and the relevant price
Vaughn Manufacturing adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1110000 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 $1282000 105
December 31, 2021 1446000 123
December 31, 2022 1624000 128
What is the cost of the ending inventory at December 31, 2022 under dollar-value LIFO?
$1292750.
$1335750.
$1268750.
$1298110.
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Accounting concepts and applications
Authors: Albrecht Stice, Stice Swain
11th Edition
978-0538750196, 538745487, 538750197, 978-0538745482
