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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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Estimates of price-level changes for specific inventories are required for which of the following inventory methods?

  1. a. conventional retail
  2. b. weighted average cost
  3. c. FIFO
  4. d. dollar-value retail LIFO

To determine

Find out which of the given inventory methods requires estimates of price level changes for specific inventories.

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...

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