24. Del Bosque Co. began using dollar-value LIFO for costing its inventory two years ago. Theending inventory for the past two years in end-of-year dollars was S100,000 and S150,000 andthe year-end price indices were 1.0 and 1.2, respectively. Assuming the current İnventory at endof year prices equals $215,000 and the index for the current year is 1.25, what is the endinginventory using dollar-value LIFO?a. $177,500b. $186,400.c. $190,000.d. $188,750.

Step1: Calculating the value of ending inventory at base year price. We have,Ending inventory at…

Answered: 24. Del Bosque Co. began using…

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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Ef 225.
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Dollar-Value LIFO Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $200,000. Inventory data for succeeding years are as follows: Inventory at Respective Price Index Year Year-End Prices (Base Year 2018) 2019 $220,500 1.05 2020 287,500 1.15 2021 288,000 1.20 Required: Compute the ending inventory using the dollar-value LIFO method for 2019, 2020, and 2021. Do not round your intermediate calculations. If required, round your answers to the nearest dollar. December 31, 2019 $ December 31, 2020 December 31, 2021 $

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