What is the 2025 inventory balance using dollar-value 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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![Cullumber Corp. uses dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows:
Year ended
December 31
Inventory at
End-of-year Prices
Price
Index
2024
$ 651000
1.00
2025
2026
1255000
1.05
1350250
1.10
What is the 2025 inventory balance using dollar-value LIFO? (Round intermediate calculations and final answer to O decimal places, e.g.
10,000.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe6cf553f-0c6f-458f-b56c-927665d9e451%2F1e115c3b-81b2-428e-b18f-966d342efcc6%2Fobydsy9_processed.png&w=3840&q=75)
Transcribed Image Text:Cullumber Corp. uses dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows:
Year ended
December 31
Inventory at
End-of-year Prices
Price
Index
2024
$ 651000
1.00
2025
2026
1255000
1.05
1350250
1.10
What is the 2025 inventory balance using dollar-value LIFO? (Round intermediate calculations and final answer to O decimal places, e.g.
10,000.)
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