On January 1, 2013, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool.
Question:
On January 1, 2013, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $660,000. The 2013 and 2014 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2013 and 1.08 for 2014.
Required:
Calculate the inventory value at the end of 2013 and 2014 using the dollar-value LIFO method.
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Date 1113 Ending Inventory at Base Year Cost 660000 123114 100 123113 690000 104 66...View the full answer
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Related Book For 
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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