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What is the internal price index? What is the dollar-value LIFO inventory?

What is the internal price index? What is the dollar-value LIFO inventory?

FINANCIAL ACCOUNTING
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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What is the internal price index?

What is the dollar-value LIFO inventory?

 

Marigold Company adopted the dollar-value LIFO method on January 1, 2017 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. At Base-Year Cost At Current-Year Inventory Cost 1/1/17 $185,300 $185,300 12/31/17 247,800 272,580 12/31/18 272,800 305,536 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2018? December 31, 2018 Price Index Dollar-value LIFO inventory
Transcribed Image Text:Marigold Company adopted the dollar-value LIFO method on January 1, 2017 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. At Base-Year Cost At Current-Year Inventory Cost 1/1/17 $185,300 $185,300 12/31/17 247,800 272,580 12/31/18 272,800 305,536 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2018? December 31, 2018 Price Index Dollar-value LIFO inventory
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