Question: 22. Recinos Import adopted the dollar-value LIFO method of inventory valuation on June 30, 2019. Its inventory at that date was $1,100,000 and the relevant

22. Recinos Import adopted the dollar-value LIFO method of inventory valuation on June 30, 2019. Its inventory at that date was $1,100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:

Inventory at Current

Date Current Prices Price Index

June 30, 2020 $1,284,000 107

June 30, 2021 1,450,000 125

June 30, 2022 1,625,000 130

What is the cost of the ending inventory at June 30, 2021 under dollar-value LIFO?

Question 22Answer

$1,250,000

$1,317,000

$1,274,000

$1,281,200

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