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Compute the value of the 2025 and 2026 inventories using the dollar-value LIFO method.

Compute the value of the 2025 and 2026 inventories using the dollar-value LIFO method.

FINANCIAL ACCOUNTING
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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Swifty, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended December 31 Inventory at Current-Year Cost Price Index 2024 $19,800 100 2025 21,935 107 2026 25,538 113 Compute the value of the 2025 and 2026 inventories using the dollar-value LIFO method. 2025 Inventory under LIFO $ 2026 $
Transcribed Image Text:Swifty, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended December 31 Inventory at Current-Year Cost Price Index 2024 $19,800 100 2025 21,935 107 2026 25,538 113 Compute the value of the 2025 and 2026 inventories using the dollar-value LIFO method. 2025 Inventory under LIFO $ 2026 $
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