Packard, Inc., adopted the dollar-value LIFO inventory method on June 30, 20X1, the end of its fiscal
Question:
Packard, Inc., adopted the dollar-value LIFO inventory method on June 30, 20X1, the end of its fiscal year. Packard’s inventory records provide the following information:
Required:
Calculate the ending inventory for Packard, Inc., for 20X2, 20X3, 20X4, and 20X5 using the dollar-value LIFO method.
Transcribed Image Text:
Date Year-End Current Cost Relevant Cost Index June 30, 20X1 June 30, 20X2 June 30, 20X3 $345,000 1.00 340,000 0.96 385,000 1.04 1.09 June 30, 20X4 398,000 June 30, 20X5 410,000 1.10
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Related Book For
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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