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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Dollar-Value LIFO
On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows:
Year | Current Cost | Index |
2018 | $38,000 | 100 |
2019 | 54,060 | 120 |
2020 | 56,160 | 130 |
2021 | 67,620 | 140 |
Required:
Compute the ending inventory for the years 2018, 2019, 2020, and 2021, using the dollar-value LIFO method.
Year | Ending inventory |
2018 | $fill in the blank |
2019 | $fill in the blank |
2020 | $fill in the blank |
2021 | $fill in the blank |
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