Waterway, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended December 31 Inventory at Current-Year Cost Price Index 2019 $20,600 100 2020 22,470 105 2021 27,492 116 Compute the value of the 2020 and 2021 inventories using the dollar-value LIFO method. 2020 2021 Inventory under LIFO
Waterway, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended December 31 Inventory at Current-Year Cost Price Index 2019 $20,600 100 2020 22,470 105 2021 27,492 116 Compute the value of the 2020 and 2021 inventories using the dollar-value LIFO method. 2020 2021 Inventory under LIFO
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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Waterway, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow.
Year Ended
December 31 |
Inventory at
Current-Year Cost |
Price
Index |
|||
---|---|---|---|---|---|
2019
|
$20,600 | 100 | |||
2020
|
22,470 | 105 | |||
2021
|
27,492 | 116 |
Compute the value of the 2020 and 2021 inventories using the dollar-value LIFO method.
2020
|
2021
|
|||
---|---|---|---|---|
Inventory under LIFO
|
|
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