On December 31, 2024, the inventory of Bramble Company amounts to $880,000. During 2025, the company decides to use the dollar - value LIFO method of costing inventories. On December 31, 2025, the inventory is $1,179,750 at December 31, 2025, prices. Using the December 31, 2024, price level of 100 and the December 31, 2025, price level of 110, compute the inventory value at December 31, 2025, under the dollar - value LIFO method. Solve for Inventory, December 31, 2025 $

On December 31, 2024, the inventory of Bramble Company amounts to $880,000. During 2025, the company decides to use the dollar - value LIFO method of costing inventories. On December 31, 2025, the inventory is $1,179,750 at December 31, 2025, prices. Using the December 31, 2024, price level of 100 and the December 31, 2025, price level of 110, compute the inventory value at December 31, 2025, under the dollar - value LIFO method. Solve for Inventory, December 31, 2025 $

Name: On December 31, 2024, the inventory of Bramble Company amounts to $88
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Description: On December 31, 2024, the inventory of Bramble Company amounts to $880,000. During 2025, thecompany decides to use the dollar-value LIFO method of costing inventories. On December31, 2025, the inventory is $1,179,750 at December 31, 2025, prices. Us

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Carswell Electronics adopted the dollar-value LIFO method on January 1, 2018, when the inventory value ofits one inventory pool was $720,000. The company decided to use an external index, the Consumer Price Index(CPI), to adjust for changes in the cost level. On January 1, 2018, the CPI was 240. On December 31, 2018, inventory valued at year-end cost was $880,000 and the CPI was 264.Required:Calculate the inventory value at the end of 2018 using the dollar-value LIFO method.
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