On January 1, 2016, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2016 through 2018 are as follows: Ending Inventory at Year-End Costs Cost Index Date 12/31/16 $441,000 487,200 510,000 1.05 12/31/17 1.12 1.20 12/31/18 Required: Calculate Taylor's ending inventory for 2016, 2017, and 2018.

On January 1, 2016, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2016 through 2018 are as follows: Ending Inventory at Year-End Costs Cost Index Date 12/31/16 $441,000 487,200 510,000 1.05 12/31/17 1.12 1.20 12/31/18 Required: Calculate Taylor's ending inventory for 2016, 2017, and 2018.

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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