Vaughn Manufacturing began using dollar-value LIFO for costing its inventory two years ago. The ending inventory for the past two years in end-of-year dollars was $287000 and $448000 and the year-end price indices were 1.0 and 1.2, respectively. Assuming the current inventory at end of year prices equals $644000 and the index for the current year is 1.25, what is the ending inventory using dollar-value LIFO? (Round intermediate calculations and final answer to 0 decimal places, eg. 10,000) O $571684. O $534184. O $560884. O $567934.

Vaughn Manufacturing began using dollar-value LIFO for costing its inventory two years ago. The ending inventory for the past two years in end-of-year dollars was $287000 and $448000 and the year-end price indices were 1.0 and 1.2, respectively. Assuming the current inventory at end of year prices equals $644000 and the index for the current year is 1.25, what is the ending inventory using dollar-value LIFO? (Round intermediate calculations and final answer to 0 decimal places, eg. 10,000) O $571684. O $534184. O $560884. O $567934.

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Description: Vaughn Manufacturing began using dollar-value LIFO for costing its inventory two years ago. The ending inventory for the past twoyears in end-of-year dollars was $287000 and $448000 and the year-end price indices were 1.0 and 1.2, respectively. Assu

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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