The dollar-value LIFO method was adopted by Splish Corp. on January 1, 2025. Its inventory on that date was $413,600. On December 31, 2025, the inventory at pricesexisting on that date amounted to $392,000. The price level at January 1, 2025, was 100, and the price level at December 31, 2025, was 112.(a)Your answer is correct.Compute the amount of the inventory at December 31, 2025, under the dollar-value LIFO method.Inventory 12/31/25 under dollar-value LIFO methodeTextbook and Media+A350,000Attempts: 1 of 4 used × Your answer is incorrect.On December 31, 2026, the inventory at prices existing on that date was $430,215, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method.Inventory 12/31/26 under dollar-value LIFO methodSA$377,600

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Description: The dollar-value LIFO method was adopted by Splish Corp. on January 1, 2025. Its inventory on that date was $413,600. On December 31, 2025, the inventory at pricesexisting on that date amounted to $392,000. The price level at January 1, 2025, was 10

The dollar value LIFO method is used to estimate the inventory balances on the basis of the change…

Business

Accounting

Your answer is incorrect. On December 31, 2026, the inventory at prices existing on that date was $430,215, and the price level was 115. Compute the inventory on that date under the dollar- value LIFO method. Inventory 12/31/26 under dollar-value LIFO method $ 377,600

Your answer is incorrect. On December 31, 2026, the inventory at prices existing on that date was $430,215, and the price level was 115. Compute the inventory on that date under the dollar- value LIFO method. Inventory 12/31/26 under dollar-value LIFO method $ 377,600

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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Inventory, 12/31/25 Purchases Purchase returns Purchase discounts Gross sales (before employee discounts) Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight in Employee discounts granted Loss from breakage (normal) Cost $158,500 752,100 42,300 11,400 37400 Retail $265.000 1,357,000 75,400 1,243,000 53,600 67,200 15,200 82,200 21,500 10.500 8.800
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