The Shill Company uses the dollar-value LIFO method for valuing inventory. The following inventory information is available at the end of the year: Year Year-End Price Price Index 1 $ 200,000 100 2 250,000 105 3 296,000 108 4 286,000 110 The inventory under dollar-value LIFO at the end of Year 3 is: Multiple Choice $274,074. $276,800. $278,857. $300,000.
The Shill Company uses the dollar-value LIFO method for valuing inventory. The following inventory information is available at the end of the year: Year Year-End Price Price Index 1 $ 200,000 100 2 250,000 105 3 296,000 108 4 286,000 110 The inventory under dollar-value LIFO at the end of Year 3 is: Multiple Choice $274,074. $276,800. $278,857. $300,000.
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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The Shill Company uses the dollar-value LIFO method for valuing inventory. The following inventory information is available at the end of the year:
Year | Year-End Price | Price Index | ||||
1 | $ | 200,000 | 100 | |||
2 | 250,000 | 105 | ||||
3 | 296,000 | 108 | ||||
4 | 286,000 | 110 | ||||
The inventory under dollar-value LIFO at the end of Year 3 is:
Multiple Choice
-
$274,074.
-
$276,800.
-
$278,857.
-
$300,000.
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