On January 1, 2011, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $200,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31Inventory at Year-end CostCost Index (Relative to Base Year 2016259,2001.08 2017296,8001.12 2018299,0001.15 Compute inventory amounts at the end of each year

Name: On January 1, 2011, the National Furniture Company adopted the dollar-
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Description: On January 1, 2011, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $200,000. Year-end inventories at year

Inventory on Jan-1 is $ 200,000. If we assume prices at the beginning of the year to be 100%, we can…

Answered: On January 1, 2011, the National…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....

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On January 1, 2011, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $200,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:

Year Ended December 31	Inventory at Year-end Cost	Cost Index (Relative to Base Year
2016	259,200	1.08
2017	296,800	1.12
2018	299,000	1.15

Compute inventory amounts at the end of each year

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