answer in text form please (without image) Given the following information for the Albuquerque Company:Date12/31/1612/31/1712/31/18Inventory at end-of-year prices$ 80,000Select one:$100,000$110,000Using dollar-value LIFO, the 12/31/18 inventory for the balance sheet is approximatelya. $91,667b. $90,909c. $92,909d. $92,000e. $91,818Price Index100110120

Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

Answered: Given the following information for the…

Given the following information for the Albuquerque Company: Date 12/31/16 12/31/17 12/31/18 Inventory at end- of-year prices $ 80,000 $100,000 $110,000 Price Index 100 110 120

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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Question

answer in text form please (without image)

Given the following information for the Albuquerque Company:
Date
12/31/16
12/31/17
12/31/18
Inventory at end-
of-year prices
$ 80,000
Select one:
$100,000
$110,000
Using dollar-value LIFO, the 12/31/18 inventory for the balance sheet is approximately
a. $91,667
b. $90,909
c. $92,909
d. $92,000
e. $91,818
Price Index
100
110
120

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