Dollar value LIFO calculations for Dyer Co
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Dyer Co. adopted the dollar-value LIFO inventory method on December 31, 2004. Dyer's entire inventory constitutes a single pool. On December 31, 2004, the inventory was $240,000 under the dollar-value LIFO method. Inventory data for 2005 are as follows:
12/31/05 inventory at year-end prices ----------------------- $330,000
Relevant price index at year-end (base year 2004) ---------------- 110
Using dollar value LIFO, Dyer's inventory at December 31, 2005 is
a. $264,000
b. $306,000
c. $300,000
d. $330,000
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Solution Summary
This solution answers a conceptual question on Dollar Value LIFO.
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12/31/05 inventory at 2004 prices =$330,000/1.10=$300,000
Inventory ...
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