Question

On December 31, 2013, Fern Company adopted the dollar-value LIFO inventory method. All of Fern’s inventories constitute a single pool. The inventory on December 31, 2013, using the dollar-value LIFO inventory method was $600,000. Inventory data for 2014 are as follows:
31, 2014, inventory at year-end prices ..... $ 780,000
Relevant price index at year-end (base year 2013) . 1.20

Required:
Under the dollar-value LIFO inventory method, what would Fern’s inventory be at December 31, 2014?




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  • CreatedSeptember 10, 2014
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