Wildhorse Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO.Inventory At Base-Year Cost At Current-Year Cost1/1/20 $209,300 $209,30012/31/20 226,200 248,82012/31/21 281,300 320,682Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021? December 31, 2021Price Index enter the price indexDollar-value LIFO inventory $enter a dollar amount Save for Later

Name: Wildhorse Company adopted the dollar-value LIFO method on January 1, 2
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Description: Wildhorse Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO.Inventory At Base-Year Cost

LIFO is last in first out method of inventory valuation in which inventories which are purchased at…

Answered: Wildhorse Company adopted the…

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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Wildhorse Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO.

Inventory	At Base-Year Cost	At Current-Year Cost
1/1/20	$209,300	$209,300
12/31/20	226,200	248,820
12/31/21	281,300	320,682

Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021?

		December 31, 2021
Price Index		enter the price index
Dollar-value LIFO inventory		$enter a dollar amount

Save for Later

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