Question
Wright Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Its inventory at that date was $400,000 and the relevant price
- Wright Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Its inventory at that date was $400,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:
Inventory at Current
Date Current Prices Price Index
December 31, 2014 $550,000 125
December 31, 2015 500,000 140
December 31, 2016 812,500 130
What is the cost of the ending inventory at December 31, 2016 under dollar-value LIFO?
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Accounting An Introduction
Authors: Eddie McLaney, Peter Atrill
2nd Edition
0273655507, 978-0273655503
