The following information is from Durden Company currently using FIFO: Year ended Ending inventory Price index at year-end prices 2019 $80,000 1.0 2020 $ 85,000 1.2 2021 $120,000 1.3 What is the dollar value LIFO for the end of year 2021? $98,751 $103,000 $94,500 $92,308

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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q0157

The following information is from Durden Company currently using FIFO:
Year ended
Ending inventory
Price index
at year-end prices
2019
$80,000
1.0
2020
$ 85,000
1.2
2021
$120,000
1.3
What is the dollar value LIFO for the end of year 2021?
$98,751
$103,000
$94,500
$92,308
Transcribed Image Text:The following information is from Durden Company currently using FIFO: Year ended Ending inventory Price index at year-end prices 2019 $80,000 1.0 2020 $ 85,000 1.2 2021 $120,000 1.3 What is the dollar value LIFO for the end of year 2021? $98,751 $103,000 $94,500 $92,308
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