The Product inventory balance of 62,754 on December 31, 2010 is based on the following information: $-Value LIFO index at January 1, 2006 1.0000 $-Value LIFO index at December 31, 2006 1.0425 $-Value LIFO index at December 31, 2007 1.0750 $-Value LIFO index at December 31, 2008 1.0675 $-Value LIFO index at December 31, 2009 1.1400 $-Value LIFO index at December 31, 2010 1.1825 Ending inventory valued at FIFO $72,000 Dec 31 Ending product inventory of $85,000 valued at FIFO. Index value for $- Value LIFO on December 31,2011, is 1.2333. Need help making a closing entry for the bolded. Above it is some background
The Product inventory balance of 62,754 on December 31, 2010 is based on the following information:
$-Value LIFO index at January 1, 2006 1.0000
$-Value LIFO index at December 31, 2006 1.0425
$-Value LIFO index at December 31, 2007 1.0750
$-Value LIFO index at December 31, 2008 1.0675
$-Value LIFO index at December 31, 2009 1.1400
$-Value LIFO index at December 31, 2010 1.1825
Ending inventory valued at FIFO $72,000
Dec 31 Ending product inventory of $85,000 valued at FIFO. Index value for $-
Value LIFO on December 31,2011, is 1.2333.
Need help making a closing entry for the bolded. Above it is some background
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