Carswell Electronics adopted the dollar-value LIFO method on January 1, 2021, when the inventory value of its
Question:
Carswell Electronics adopted the dollar-value LIFO method on January 1, 2021, when the inventory value of its one inventory pool was $720,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the cost level. On January 1, 2021, the CPI was 240. On December 31, 2021, inventory valued at year-end cost was $880,000 and the CPI was 264.
Required:
Calculate the inventory value at the end of 2021 using the dollar-value LIFO method.
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Set the base year 112021 equal to 100 Cost index in layer year 264 240 1...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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