Question: Packard, Inc., adopted the dollar-value LIFO inventory method on June 30, 2016, the end of its fiscal year. Packard's inventory records provide the following information:
Packard, Inc., adopted the dollar-value LIFO inventory method on June 30, 2016, the end of its fiscal year. Packard's inventory records provide the following information:
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Required:
Calculate the ending inventory for Packard, Inc., for 2017, 2018, 2019, and 2020 using the dollar-value LIFO method.
Date Year-End Current Cost Relevant Cost Index June 30, 2016 June 30, 2017 June 30, 2018 June 30, 2019 June 30, 2020 $345,000 340,000 385,000 398,000 410,000 1.00 0.96 1.04 1.09 1.10
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