Presented below is information related to JP Company. Date December 31, Year 1 December 31, Year 2 Ending Inventory (End-of-Year Prices) $180,000 220,500 Price Index 100 105

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question 2:
Presented below is information related to JP Company.
Date
December 31, Year 1
December 31, Year 2
December 31, Year 3
December 31, Year 4
December 31, Year 5
December 31, Year 6
Ending Inventory
(End-of-Year Prices)
$180,000
220,500
218,500
242,500
283,500
310,800
Price Index
100
105
115
125
135
140
Compute the ending inventory for JP Company for Year 1 through Year 6 using the dollar-
value LIFO method.
Transcribed Image Text:Question 2: Presented below is information related to JP Company. Date December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 December 31, Year 5 December 31, Year 6 Ending Inventory (End-of-Year Prices) $180,000 220,500 218,500 242,500 283,500 310,800 Price Index 100 105 115 125 135 140 Compute the ending inventory for JP Company for Year 1 through Year 6 using the dollar- value LIFO method.
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