Jackson Company adopted Dollar Value LIFO on January1,2011 for its one inventory pool. The inventory's value on this date was $500,000. The 2011, 2012 and 2013 ending inventory valued at year-end costs were $556,500, $596,200, and $604,900 respectively. The appropiate cost indexes are 1.05 for 2011, 1.10 for 2012 and 1.15 for 2013. a. Determine the ending inventory value be reported on Jackson's balance sheet at December 31, 2013 using DVL.$
Jackson Company adopted Dollar Value LIFO on January1,2011 for its one inventory pool. The inventory's value on this date was $500,000. The 2011, 2012 and 2013 ending inventory valued at year-end costs were $556,500, $596,200, and $604,900 respectively. The appropiate cost indexes are 1.05 for 2011, 1.10 for 2012 and 1.15 for 2013. a. Determine the ending inventory value be reported on Jackson's balance sheet at December 31, 2013 using DVL.$
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 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....
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Jackson Company adopted Dollar Value LIFO on January1,2011 for its one inventory pool. The inventory's value on this date was $500,000. The 2011, 2012 and 2013 ending inventory valued at year-end costs were $556,500, $596,200, and $604,900 respectively. The appropiate cost indexes are 1.05 for 2011, 1.10 for 2012 and 1.15 for 2013. a. Determine the ending inventory value be reported on Jackson's balance sheet at December 31, 2013 using DVL.$
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