Compute the ending inventory each year for 2023, 2024, and 2025, using the dollar value LIFO method.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Cc.7.

 

Bicycle Shine has only one inventory pool. On
December 31, 2022, Bicycle Shine adopted the
dollar-value LIFO inventory method. The price
index was 1.0 The inventory on that date using
the dollar-value LIFO method was $219,000.
Inventory data are as follows:
12/31/2023
$ 270,900
12/31/2024 364,550
12/31/2025 368,400
1.08
1.12
1.16
Compute the ending inventory each year for
2023, 2024, and 2025, using the dollar value
LIFO method.
Transcribed Image Text:Bicycle Shine has only one inventory pool. On December 31, 2022, Bicycle Shine adopted the dollar-value LIFO inventory method. The price index was 1.0 The inventory on that date using the dollar-value LIFO method was $219,000. Inventory data are as follows: 12/31/2023 $ 270,900 12/31/2024 364,550 12/31/2025 368,400 1.08 1.12 1.16 Compute the ending inventory each year for 2023, 2024, and 2025, using the dollar value LIFO method.
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