On December 31, 2021, the inventory at prices existing on that date was $399,510, and the price level was 115 the inventory on that date under the dollar-value LIFO method. Inventory 12/31/21 under dollar-value LIFO method $

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Chapter1: Financial Statements And Business Decisions
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On December 31, 2021, the inventory at prices existing on that date was $399,510, and the price level was 115. Compute
the inventory on that date under the dollar-value LIFO method.
Inventory 12/31/21 under dollar-value LIFO method
$
Transcribed Image Text:On December 31, 2021, the inventory at prices existing on that date was $399,510, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method. Inventory 12/31/21 under dollar-value LIFO method $
The dollar-value LIFO method was adopted by Kingbird Corp. on January 1, 2020. Its inventory on that date was $379,400. On
December 31, 2020, the inventory at prices existing on that date amounted to $358,400. The price level at January 1, 2020,
was 100, and the price level at December 31, 2020, was 112.
Transcribed Image Text:The dollar-value LIFO method was adopted by Kingbird Corp. on January 1, 2020. Its inventory on that date was $379,400. On December 31, 2020, the inventory at prices existing on that date amounted to $358,400. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112.
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