Dollar-Value LIFO Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $200,000. Inventory data for succeeding years are as follows: Year Inventory at Respective Year-End Prices Price Index (Base Year 2018) 2019 $220,500 1.05 2020 287,500 1.15 2021 276,000 1.20 Required: Compute the ending inventory using the dollar-value LIFO method for 2019, 2020, and 2021. Do not round your intermediate calculations. If required, round your answers to the nearest dollar. December 31, 2019 December 31, 2020 December 31, 2021
Dollar-Value LIFO Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $200,000. Inventory data for succeeding years are as follows: Year Inventory at Respective Year-End Prices Price Index (Base Year 2018) 2019 $220,500 1.05 2020 287,500 1.15 2021 276,000 1.20 Required: Compute the ending inventory using the dollar-value LIFO method for 2019, 2020, and 2021. Do not round your intermediate calculations. If required, round your answers to the nearest dollar. December 31, 2019 December 31, 2020 December 31, 2021
Chapter1: Financial Statements And Business Decisions
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Dollar-Value LIFO
Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $200,000. Inventory data for succeeding years are as follows:
| Year | Inventory at Respective Year-End Prices |
Price Index (Base Year 2018) |
| 2019 | $220,500 | 1.05 |
| 2020 | 287,500 | 1.15 |
| 2021 | 276,000 | 1.20 |
Required:
Compute the ending inventory using the dollar-value LIFO method for 2019, 2020, and 2021. Do not round your intermediate calculations. If required, round your answers to the nearest dollar.
| December 31, 2019 | |
| December 31, 2020 | |
| December 31, 2021 |
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