Describe the LIFO double-extension method. Using the following information, compute the index at December 31, 2025, applying

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Describe the LIFO double-extension method. Using the following information, compute the index at December 31, 2025, applying the double-extension method to a LIFO pool consisting of 25,500 units of product A and 10,350 units of product B. The base-year cost of product A is $10.20 and of product B is $37.00. The price at December 31, 2025, for product A is $21.00 and for product B is $45.60. (Round to two decimal places.)

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Intermediate Accounting

ISBN: 9781119790976

18th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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