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Posted on May 18, 2024

Your company adopted the Dollar - Value LIFO on January 1 , 2 0 1 7 when the inventory account had $ 8 0 ,

Your company adopted the Dollar $-$ Value LIFO on January $1, 2017$ when the inventory account had $ $80, 000$ in it $.$ A costing of the inventory at the end of the year after a physical count was completed yielded inventory at $ $95, 120$ and the price index was $116 .$ How much will be reported on the balance sheet as the cost of ending inventory?

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