FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Presented below is information related to Kingbird, Inc.
End-of-Year
Inventory
Price
Date
(End-of-Year Prices)
Index
December 31, 2017
$ 1,200,000
100
December 31, 2018
1,522,500
105
December 31, 2019
1,562,000
110
December 31, 2020
1,813,500
117
Compute the ending inventory for Kingbird, Inc. for 2017 through 2020 using the dollar-value LIFO method.
Ending Inventory
2017
2018
2019
2020
$
%24
%24
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Transcribed Image Text:Presented below is information related to Kingbird, Inc. End-of-Year Inventory Price Date (End-of-Year Prices) Index December 31, 2017 $ 1,200,000 100 December 31, 2018 1,522,500 105 December 31, 2019 1,562,000 110 December 31, 2020 1,813,500 117 Compute the ending inventory for Kingbird, Inc. for 2017 through 2020 using the dollar-value LIFO method. Ending Inventory 2017 2018 2019 2020 $ %24 %24
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