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XTR Teleconcepts, Inc. manufactures and distributes three models of hand-held devices: the Flame, the Globe, and the HD3. XTR uses the dollar-value LIFO method. Information
XTR Teleconcepts, Inc. manufactures and distributes three models of hand-held devices: the Flame, the Globe, and the HD3. XTR uses the dollar-value LIFO method. Information for 2014, 2015, and 2016 is presented in the following table. The cumulative price indices for 2014, 2015, and 2016 respectively are 1.00, 1.045, and 1.0917. Requirements a. Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. b. Prepare the journal entry required to adjust the LIFO reserve for each year. Requirement a. Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. (Use price index amounts to four decimal places as given in the information, X.XXXX. Round all intermediary currency calculations and the amounts you enter into the cells below to the nearest whole dollar. Use a parentheses or minus sign when entering a layer liquidation amount.)
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