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: Inventory At Base Year Cost Ending At Year- End Year 1/1/2021 $310,000 $310,000 12/31/2021 350,460 324,500 12/31/2022 430,660 353,000 Cost Index 1.00 1.08 1.22 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: Inventory At Base Year Cost Ending At Year- End Year 1/1/2021 $310,000 $310,000 12/31/2021 350,460 324,500 12/31/2022 430,660 353,000 Cost Index 1.00 1.08 1.22 Under the dollar-value LIFO method, the inventory at December 31, 2022, should be
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 14RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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