Question: Please help if very familiar with LIFO method. I only have 2 tries to check work. Please help with the last 2 amounts Problem 8-15
Please help if very familiar with LIFO method. I only have 2 tries to check work. Please help with the last 2 amounts
Problem 8-15 Dollar-value LIFO [LO8-8 On January 1, 2016, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $320,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follow:s Year Ended December 31 2016 2017 2018 2019 Cost Index (Relative to Base Year) 1.03 1.07 1.08 1.11 Inventory Year-End Costs $401,700 413,020 463,320 498,945 Required Calculate inventory amounts at the end of each year Answer is complete but not entirely correct. Ending Invento Date 12/31/16 S 392,100 12/31/17 387,980 12/31/18$ 434,220 12/31/19 $ 456,975
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
