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
Which of the following is the correct journal entry to record the adjustment required to bring the LIFO Reserve account up to date as of December 31 2015?
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Accounting
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
28th Edition
1337902683, 978-1337902687
