Cars Electronics adopted the dollar-value LIFO method on January 1,2024, when the inventory value of...
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Cars Electronics adopted the dollar-value LIFO method on January 1,2024, when the inventory value of its one inventory pool was $720,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the cost level, On January 1,2024 , the CPI was 240 . On December 31,2024 , inventory valued at year-end cost was $880,000 and the CPI was 264. Required: Calculate the inventory value at the end of 2024 using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places. Cars Electronics adopted the dollar-value LIFO method on January 1,2024, when the inventory value of its one inventory pool was $720,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the cost level, On January 1,2024 , the CPI was 240 . On December 31,2024 , inventory valued at year-end cost was $880,000 and the CPI was 264. Required: Calculate the inventory value at the end of 2024 using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places
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