On Jan. 1, 2020, Who Company adopted Dollar Value LIFO. Below is the company's Dollar Value LIFO chart for ending inventory as of Dec. 31, 2020: Layer 1/1/2020 12/31/2020 Total Inventory at Base Year Costs 30,000 45.000 75,000 Price Index DV LIFO Inventory. 1 1.1 30,000 49,500 79,500 On Dec. 31, 2021, the company had ending inventory at current (FIFO) costs of $81,600. The price index for 2021 is 1.2. Answer the following two questions using the dropdown menus. A. On Dec 31, 2021, what is the ending inventory at base year costs? [Select] B. On Dec 31, 2021, what is the ending dollar-value LIFO inventory balance? [Select]

On Jan. 1, 2020, Who Company adopted Dollar Value LIFO. Below is the company's Dollar Value LIFO chart for ending inventory as of Dec. 31, 2020: Layer 1/1/2020 12/31/2020 Total Inventory at Base Year Costs 30,000 45.000 75,000 Price Index DV LIFO Inventory. 1 1.1 30,000 49,500 79,500 On Dec. 31, 2021, the company had ending inventory at current (FIFO) costs of $81,600. The price index for 2021 is 1.2. Answer the following two questions using the dropdown menus. A. On Dec 31, 2021, what is the ending inventory at base year costs? [Select] B. On Dec 31, 2021, what is the ending dollar-value LIFO inventory balance? [Select]

Name: On Jan. 1, 2020, Who Company adopted Dollar Value LIFO. Below is the
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Description: On Jan. 1, 2020, Who Company adopted Dollar Value LIFO. Below is the company's Dollar ValueLIFO chart for ending inventory as of Dec. 31, 2020:Layer1/1/202012/31/2020TotalInventory at Base YearCosts30,00045,00075,000Price Index DV LIFO Inventory.1.1

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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