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Question 10 --/1 View Policies Current Attempt in Progress The dollar-value LIFO method was adopted by Coronado Corp. on January 1, 2020. Its inventory on that date was $279,100. On December 31, 2020, the inventory at prices existing on that date amounted to $257,600. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method. Inventory 12/31/20 under dollar-value LIFO methods On December 31, 2021, the inventory at prices existing on that date was $295,895, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method. Inventory 12/31/21 under dollar-value LIFO methods Attempts: 0 of 4 used Save for Later Submit Answer

Answer 1

9) Inventory value under 12/31/20 = 230000*1 = 230000

Inventory value under 12/31/21 = 230000*1+27300*1.15 = 261395

10) Index used for 2021 = 9050/5000 = 1.81