Question: Harmon Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700 with a price index of 1.0. The ending inventory

Harmon Incorporated adopted the dollar-value LIFO method last year. Last year's ending

Harmon Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700 with a price index of 1.0. The ending inventory for the current year at year-end (FIFO) costs is $98,000 and the price index is 1.4. Based on this information, compute Harmon's ending inventory for the current year on a dollar-value LIFO basis. Compute Harmon's ending inventory for the current year on a dollar-value LIFO basis. (Use the price index amount to one decimal place as given in the information, X.X.) Last year layer Current year layer Ending Inventory under dollar-value LIFO Current year

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