Question: Pharoah, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended December 31 Price Index Inventory

Pharoah, Inc. uses the dollar-value LIFO method of computing its inventory.

Pharoah, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended December 31 Price Index Inventory at Current-Year Cost 2016 $21,700 100 2017 23,520 105 2018 28,175 115 Compute the value of the 2017 and 2018 inventories using the dollar-value LIFO method 2017 2018 Inventory under LIFO 22,435

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