Emily makes one product. Diana adopted the dollar-value LIFO inventory method on 12-31-12. Her ending inventory at 12-31-12 was $27,000. Additional inventory data follows: Cost of goods Price index Inventory at manufactured year-end prices during the (base year 2012) Year year $150,000 $165,000 $165,000 $170,000 $175,000 $185,000 2013 $28,420 $29,580 $29,640 $29,820 $31,650 $32,012 1.015 1.020 1.040 2014 2015 2016 1.050 1.055 2017 2018 1.060 Compute the inventory at December 31, 2013, 2014, 2015, 2016, 2017 and 2018 AND the cost of goods sold for each year assuming Diane uses the dollar-value LIFO method for each year.

Emily makes one product. Diana adopted the dollar-value LIFO inventory method on 12-31-12. Her ending inventory at 12-31-12 was $27,000. Additional inventory data follows: Cost of goods Price index Inventory at manufactured year-end prices during the (base year 2012) Year year $150,000 $165,000 $165,000 $170,000 $175,000 $185,000 2013 $28,420 $29,580 $29,640 $29,820 $31,650 $32,012 1.015 1.020 1.040 2014 2015 2016 1.050 1.055 2017 2018 1.060 Compute the inventory at December 31, 2013, 2014, 2015, 2016, 2017 and 2018 AND the cost of goods sold for each year assuming Diane uses the dollar-value LIFO method for each year.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12P: Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at...

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