Blossom Company manufactures one product. On December 31, 2019, Blossom adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $900,000. Inventory data are as follows: Year Inventory at year-end prices Price index (base year 2019) 2020 $1,228,500 1.05 2021 1,844,600 1.15 2022 1,900,000 1.25 Compute the inventory at December 31, 2020, 2021, and 2022, using the dollar-value LIFO method for each year. Inventory at December 31, 2020 $ Inventory at December 31, 2021 $ Inventory at December 31, 2022
Blossom Company manufactures one product. On December 31, 2019, Blossom adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $900,000. Inventory data are as follows: Year Inventory at year-end prices Price index (base year 2019) 2020 $1,228,500 1.05 2021 1,844,600 1.15 2022 1,900,000 1.25 Compute the inventory at December 31, 2020, 2021, and 2022, using the dollar-value LIFO method for each year. Inventory at December 31, 2020 $ Inventory at December 31, 2021 $ Inventory at December 31, 2022
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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Blossom Company manufactures one product. On December 31, 2019, Blossom adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $900,000. Inventory data are as follows:
Year | Inventory at year-end prices |
Price index (base year 2019) |
||||
2020 | $1,228,500 | 1.05 | ||||
2021 | 1,844,600 | 1.15 | ||||
2022 | 1,900,000 | 1.25 |
Compute the inventory at December 31, 2020, 2021, and 2022, using the dollar-value LIFO method for each year.
Inventory at December 31, 2020 | $ | |
Inventory at December 31, 2021 | $ | |
Inventory at December 31, 2022 |
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