On January 1, 2015, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory
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Question:
On January 1, 2015, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows:
Year | Current Cost | Index |
2015 | $40,000 | 100 |
2016 | 56,100 | 120 |
2017 | 58,500 | 130 |
2018 | 70,000 | 140 |
Required:
Compute the ending inventory for the years 2015, 2016, 2017, and 2018, using the dollar-value LIFO method. Do not round your intermediate calculations. If required, round your answers to the nearest dollar.
Year | Ending inventory |
2015 | $ |
2016 | $ |
2017 | $ |
2018 | $ |
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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