INTERMEDIATE ACCOUNTING 17E - UNC CHARL
INTERMEDIATE ACCOUNTING 17E - UNC CHARL
17th Edition
ISBN: 9781119631828
Author: Kieso
Publisher: WILEY
Question
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Chapter 8, Problem 14Q
To determine

LIFO: Last in first out (LIFO) is the method of inventory valuation, where the goods which are purchased last will be sold first.

Price index: Price index is the measure of changes in prices, consisting of data collected over a period of time, arranged and analyzed to allow easy comparison between the values for any two periods.

  • (a)

To determine the meaning of double extension method.

To determine

  • (b)

To compute: The price of index as on 31st December 2017.

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