Using the information provided in BE10- 11, prepare the journal entry required to adjust Todgrens ending inventory

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Using the information provided in BE10- 11, prepare the journal entry required to adjust Todgren’s ending inventory from a FIFO to a dollar- value LIFO basis.
In BE10- 11 Todgren Incorporated adopted the dollar- value LIFO method last year. Last year’s ending inventory was $ 56,400, with a price index of 1.0. The ending inventory for the current year at year- end (FIFO) costs is $ 96,000 and the price index is 1.2. Based on this information, compute Todgren’s ending inventory for the current year on a dollar- value LIFO basis. Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...
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Intermediate Accounting

ISBN: 978-0132162302

1st edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

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