Merry Corp. uses the dollar-value-LIFO (DVL) inventory costing method with 2019 as its base year. Information regarding
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Question:
Merry Corp. uses the dollar-value-LIFO (DVL) inventory costing method with 2019 as its base year. Information regarding inventory for 2019 – 2021 is as follows:
Date | Ending Inventory at Current Prices (FIFO) | Price Index |
12/31/19 | $ 690,000 | 100% or 1.0 |
12/31/20 | 825,000 | 110% or 1.10 |
12/31/21 | 1,008,000 | 112% or 1.12 |
Question: What should be the cost of inventory on 12/31/21 using the DVL method? Round all calculations to the nearest whole dollar. Reminder: show clear calculations to receive partial credit.
Answer: $____
Related Book For
Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts
ISBN: 9780135919460
34th Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse
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