Will Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020 through 2022. Year Ending Inventory at FIFO Price Index 2020 $20,000 1.00 2021 32,000 1.10 2022 40,000 1.13
Will Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020 through 2022. Year Ending Inventory at FIFO Price Index 2020 $20,000 1.00 2021 32,000 1.10 2022 40,000 1.13
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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Computing Ending Inventory under Dollar-Value LIFO
Will Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020 through 2022.
Year | Ending Inventory at FIFO |
Price Index |
---|---|---|
2020 | $20,000 | 1.00 |
2021 | 32,000 | 1.10 |
2022 | 40,000 | 1.13 |
What is its ending inventory under the dollar-value LIFO method for the years 2020, 2021, and 2022?
Note: Round your answers to the nearest whole dollar.
Dollar-value LIFO ending inventory, 2020 | Answer |
Dollar-value LIFO ending inventory, 2021 | Answer |
Dollar-value LIFO ending inventory, 2022 | Answer |
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