Basking Company adopted the dollar-value LIFO method in 2018. At December 31, 2018, ending inventory was $104,000, with a price index of 1.00, using dollar-value LIFO. At December 31, 2019, the ending inventory using FIFO is $122,000 and the price index is 1.18. Round all dollar amounts to the nearest dollar. Basking Company's ending inventory at December 31, 2019 on a dollar-value LIFO basis is ________.
$104,000 |
||
$103,390 |
||
$103,280 |
||
$122,000 |
Answer- Basking Company's ending inventory at December 31, 2019 on a dollar-value LIFO basis is = $103390.
Explanation- Ending inventory at December 31, 2019 on a dollar-value LIFO = Ending inventory*Price index using dollar-value LIFO
= $103390*1.00
= $103390
Where- Ending inventory = $122000/1.18
= $103390
Basking Company adopted the dollar-value LIFO method in 2018. At December 31, 2018, ending inventory was...
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