Will Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020 through 2022. Year Ending Inventory at FIFO Price Index 2020 $20,000 1.00 2021 32,000 1.10 2022 40,000 1.13
Will Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020 through 2022. Year Ending Inventory at FIFO Price Index 2020 $20,000 1.00 2021 32,000 1.10 2022 40,000 1.13
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Computing Ending Inventory under Dollar-Value LIFO
Will Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020 through 2022.
| Year | Ending Inventory at FIFO |
Price Index |
|---|---|---|
| 2020 | $20,000 | 1.00 |
| 2021 | 32,000 | 1.10 |
| 2022 | 40,000 | 1.13 |
What is its ending inventory under the dollar-value LIFO method for the years 2020, 2021, and 2022?
Note: Round your answers to the nearest whole dollar.
| Dollar-value LIFO ending inventory, 2020 | Answer |
| Dollar-value LIFO ending inventory, 2021 | Answer |
| Dollar-value LIFO ending inventory, 2022 | Answer |
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