Question V. The Belstock Company manufactures one product. On December 31, 2009, Belstock adopted the dollar-value LIFO inventory method. The inventory on that date, using the dollar-value LIFO inventory method, was $200,000. Inventory data for succeeding years are as follows: 3. Year 2010 2011 2012 Inventory at Respective Year-End Prices $231,000 299,000 300,000 Price Index (Base Year 2009) 1.05 1.15 1.20 s) Compute the inventory on December 31, 2010 using the dollar-value LIFO method. ) Compute the inventory on December 31, 2011 using the dollar-value LIFO method. Compute the inventory on December 31, 2012 using the dollar-value LIFO method.
Question V. The Belstock Company manufactures one product. On December 31, 2009, Belstock adopted the dollar-value LIFO inventory method. The inventory on that date, using the dollar-value LIFO inventory method, was $200,000. Inventory data for succeeding years are as follows: 3. Year 2010 2011 2012 Inventory at Respective Year-End Prices $231,000 299,000 300,000 Price Index (Base Year 2009) 1.05 1.15 1.20 s) Compute the inventory on December 31, 2010 using the dollar-value LIFO method. ) Compute the inventory on December 31, 2011 using the dollar-value LIFO method. Compute the inventory on December 31, 2012 using the dollar-value LIFO method.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Question V.
The Belstock Company manufactures one product. On December 31, 2009, Belstock adopted the
dollar-value LIFO inventory method. The inventory on that date, using the dollar-value LIFO
inventory method, was $200,000. Inventory data for succeeding years are as follows:
1.
2.
3.
Year
2010
2011
2012
Inventory at Respective
Year-End Prices
$231,000
299,000
300,000
Price Index
(Base Year 2009)
1.05
1.15
1.20
Compute the inventory on December 31, 2010 using the dollar-value LIFO method.
Compute the inventory on December 31, 2011 using the dollar-value LIFO method.
Compute the inventory on December 31, 2012 using the dollar-value LIFO method.
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