Question
X Company adopted Dollar-Value LIFO on January 1, 2021, when it had an inventory of $600,000. Its inventory on December 31st, 2021 was $667,800
X Company adopted Dollar-Value LIFO on January 1, 2021, when it had an inventory of $600,000. Its inventory on December 31st, 2021 was $667,800 at year-end costs and the cost index was 1.06. Its inventory on December 31st, 2022 was $682,000 at year-end costs and the cost index was 1.10. What is the Inventory amount that will appear on X's December 31st, 2022 Balance Sheet? O $631,800 O $621,200 O $620,000 O $611,800
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
10th edition
1260481956, 1260310175, 978-1260481952
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