Explain an example of dollar value LIFO retail method.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Explain an example of dollar value LIFO retail method.

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Step 1 Dollar Value LIFO Method

Under this method, goods are combined into pools and all increases and decreases in a pool are measured in terms of dollar value.

The companies that maintain a large number of products and expect significant changes in their product mix in future, frequently use dollar-value LIFO technique

 

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