Vaughn Manufacturing began using dollar-value LIFO for costing its inventory two years ago. The ending inventory for the past two years in end-of-year dollars was $287000 and $448000 and the year-end price indices were 1.0 and 1.2, respectively. Assuming the current inventory at end of year prices equals $644000 and the index for the current year is 1.25, what is the ending inventory using dollar-value LIFO? (Round intermediate calculations and final answer to 0 decimal places, eg. 10,000) O $571684. O $534184. O $560884. O $567934.

Vaughn Manufacturing began using dollar-value LIFO for costing its inventory two years ago. The ending inventory for the past two years in end-of-year dollars was $287000 and $448000 and the year-end price indices were 1.0 and 1.2, respectively. Assuming the current inventory at end of year prices equals $644000 and the index for the current year is 1.25, what is the ending inventory using dollar-value LIFO? (Round intermediate calculations and final answer to 0 decimal places, eg. 10,000) O $571684. O $534184. O $560884. O $567934.

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Description: Vaughn Manufacturing began using dollar-value LIFO for costing its inventory two years ago. The ending inventory for the past twoyears in end-of-year dollars was $287000 and $448000 and the year-end price indices were 1.0 and 1.2, respectively. Assu

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 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....

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