Ending inventory using dollar-value LIFO
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Athens Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, Year 1. Its inventory at that date was $100,000 and the relevant price index was 100.
Inventory at Price
Date Current Prices Index
December 31, Year 2 $128,400 107
December 31, Year 3 $145,000 125
December 31, Year 4 $169,000 130
What is the cost of the ending inventory at December 31, Year 3, under dollar- value LIFO?
o $116,000
o $117,120
o $117,400
o $145,000
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Solution Summary
The solution explains how to calculate the ending inventory using dollar-value LIFO.
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