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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Under what conditions would the dollar-value LIFO retail inventory method be useful?

To determine

Indicate the conditions in which dollar-value LIFO retail inventory method be useful.

Explanation

Dollar-Value-LIFO: This method shows all the inventory figures at dollar price rather than units. Under this inventory method, the units that are purchased last are sold first. Thus, it starts from the selling of the units recently purchased and ending with the beginning inventory.

In LIFO retail method, the ending inventory includes the beginning inventory plus the current year’s layer or current period’s layer. To estimate LIFO from retail prices, the dollar-value LIFO retail method combines the dollar-value LIFO method and LIFO retail method when the price level has changed...

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