Vaughn Manufacturing had January 1 inventory of $295000 when it adopted dollar-value LIFO. During the year, purchases were $1870000 and sales were $2960000. December 31 inventory at year-end prices was $390880, and the price index was 112. What is Vaughn Manufacturing’s ending inventory?
Vaughn Manufacturing had January 1 inventory of $295000 when it adopted dollar-value LIFO. During the year, purchases were $1870000 and sales were $2960000. December 31 inventory at year-end prices was $390880, and the price index was 112. What is Vaughn Manufacturing’s ending inventory?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....
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Vaughn Manufacturing had January 1 inventory of $295000 when it adopted dollar-value LIFO. During the year, purchases were $1870000 and sales were $2960000. December 31 inventory at year-end prices was $390880, and the price index was 112.
What is Vaughn Manufacturing’s ending inventory?
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