Dollar value LIFO: The technique to simplify the LIFO computation of aggregate inventory items into groups is called a pool and the computation is carried out on these pools. The most common inventory technique is the dollar value LIFO method which the dollar is the common unit of measure of the inventory. The ending inventory of the company using the dollar-value LIFO for each year.

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Chapter 10, Problem 10.7E

a.

To determine

Concept Introduction:

Dollar value LIFO: The technique to simplify the LIFO computation of aggregate inventory items into groups is called a pool and the computation is carried out on these pools. The most common inventory technique is the dollar value LIFO method which the dollar is the common unit of measure of the inventory.

The ending inventory of the company using the dollar-value LIFO for each year.

b.

To determine

Concept Introduction:

Dollar value LIFO: The technique to simplify the LIFO computation of aggregate inventory items into groups is called a pool and the computation is carried out on these pools. The most common inventory technique is the dollar value LIFO method which the dollar is the common unit of measure of the inventory.

The journal entries to adjust the LIFO reserve for each year.

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