Master Accounting Master" F3 ASSIGNMENT Assignments F3 Assignment Question Set TESTLET 1 TESTLET 2 E 0:03:40 -NM END TE TIME ELAPSED CALC. EXCEL OVERVIEW 1 2 3 4 5 6 7 CO 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 10 An entity that measures its inventory using the dollar-value LIFO method had an inventory LIFO layer added of $34,000,000 in Year 1 and an inventory LIFO inventory added of $41,000,000 in Year 2 (both at base-year costs). The entity's computed price index was 0.90 in Year 1 and 1.08 in Year 2. Based on the above, which of the following conclusions regarding dollar-value LIFO is correct? O Ending inventory in Year 2 under dollar-value LIFO will be below the comparable base-year cost. O Beginning inventory in Year 1 is lower under dollar-value LIFO than comparable base-year cost. O Ending inventory in Year 2 under dollar-value LIFO will be above the comparable base-year cost. O Ending inventory in Year 1 under dollar-value LIFO will be above the comparable base-year cost. Type here to search