Dollar-Value LIFOAcute Company manufactures a single product. On December 31, 2018, Acute adopted the dollar-value LIFO inventory method. It computes the inventory on that date using the dollar-value LIFO inventory method as $300,000. Inventory data for succeeding years are as follows:Year EndedDecember 31,Inventory at RespectiveYear-End PricesRelevant Price Index(Base Year 2018)2019 $363,0001.102020 420,0001.202021 430,0001.25Required:Compute the inventory amounts at December 31, 2019, 2020, and 2021 using the dollar-value LIFO inventory method for each year. Do not round your intermediate calculations. If required, round your answers to the nearest dollar.

Name: Dollar-Value LIFOAcute Company manufactures a single product. On Decem
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Description: Dollar-Value LIFOAcute Company manufactures a single product. On December 31, 2018, Acute adopted the dollar-value LIFO inventory method. It computes the inventory on that date using the dollar-value LIFO inventory method as $300,000. Inventory data

Computation of inventory values at December 31st 2019,2020,2021 are shown below : Thank you !!!!

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Dollar-Value LIFO

Acute Company manufactures a single product. On December 31, 2018, Acute adopted the dollar-value LIFO inventory method. It computes the inventory on that date using the dollar-value LIFO inventory method as $300,000. Inventory data for succeeding years are as follows:

Year Ended December 31,	Inventory at Respective Year-End Prices	Relevant Price Index (Base Year 2018)
2019	$363,000	1.10
2020	420,000	1.20
2021	430,000	1.25

Required:

Compute the inventory amounts at December 31, 2019, 2020, and 2021 using the dollar-value LIFO inventory method for each year. Do not round your intermediate calculations. If required, round your answers to the nearest dollar.

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