Pharoah Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2024. Its inventory at that date was $1110000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date December 31, 2025 December 31, 2026 December 31, 2027 Inventory at Current Prices $1290000 1448000 1629000 Current Price Index 105 123 128 What is the cost of the ending inventory at December 31, 2027 under dollar-value LIFO? (Round intermediate calculations and final answer to decimal places eg 10.0001

Pharoah Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2024. Its inventory at that date was $1110000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date December 31, 2025 December 31, 2026 December 31, 2027 Inventory at Current Prices $1290000 1448000 1629000 Current Price Index 105 123 128 What is the cost of the ending inventory at December 31, 2027 under dollar-value LIFO? (Round intermediate calculations and final answer to decimal places eg 10.0001

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Description: Please do not give solution in image format ? Current Attempt in ProgressPharoah Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2024. Its inventory at that datewas $1110000 and the relevant price index was 100

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12P: Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at...

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