nt II - Chapter 8SavedHølpSave & ExitSubmitBond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO method, Bond uses internal costindexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption ofLIFO:Ending InventoryAt Year-CostIndexAt BaseYearEndYear Cost$310, 00012/31/2021 346,62012/31/2022 434,1901/1/2021$310,0001.00327, 0001.06353,0001.23Under the dollar-value LIF0 method, the inventory at December 31, 2022, should beMultiple ChoiceO $354,020.< Prev8 of 15Next > Multiple Choice$354,020.$353,000.5360000.None of these answer choices are correct.< Prev8 of 15Next >

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Description: nt II - Chapter 8SavedHølpSave & ExitSubmitBond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO method, Bond uses internal costindexes and the multiple-pools approach. The following data were available

Option C is correct i.e 360000 Inventory valuation 1/1/21=310000 Inventory valuation on…

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Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO: Ending Inventory At Year- At Base Cost Year End Year Cost Index 1/1/2021 $310, 000 12/31/2021 346,620 $310,000 1.00 327, 000 1.06 12/31/2022 434,190 353,000 1.23 Under the dollar-value LIFO method, the inventory at December 31, 2022, should be

Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO: Ending Inventory At Year- At Base Cost Year End Year Cost Index 1/1/2021 $310, 000 12/31/2021 346,620 $310,000 1.00 327, 000 1.06 12/31/2022 434,190 353,000 1.23 Under the dollar-value LIFO method, the inventory at December 31, 2022, should be

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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