On January 1 of Year 1, Dorso Company adopted the dollar value LIFO method of inventory costing Dorsos December 31 ending inventory records are as follows Year 1 Current cost, $20,000 Index, 100 Year 2 Current cost, $33,600 Index, 120 Using the dollar value LIFO method, compute Dorso Companys Decem...

Ending inventory at baseyear costs 33600 x 10 ...

On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorsos

Question:

On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorso’s December 31 records are as follows:
Year 1: Current cost, $20,000; Index, 100
Year 2: Current cost, $33,600; Index, 120
Using the dollar-value LIFO method, compute Dorso Company’s December 31 for Year 2.

Ending Inventory
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 =...