The dollar-value LIFO method was adopted by Queen Corp. on January 1, 2014. Its inventory on that
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(a) Compute the amount of the inventory at December 31, 2014, under the dollar-value LIFO method.
(b) On December 31, 2015, the inventory at prices existing on that date was $588,600, and the price level was 109. Compute the inventory on that date under the dollar-value LIFO method.
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Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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