Computing Ending Inventory under Dollar-Value LIFO Wheels Inc. accounts for inventory using the dollar-value LIFO...
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Accounting
Computing Ending Inventory under Dollar-Value LIFO Wheels Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for Year 1 through Year 3 (listed chronologically).
Year
Ending Inventory at FIFO
Price Index
Year 1
$5,000
1.00
Year 2
8,000
1.10
Year 3
10,000
1.13
Compute ending inventory under the dollar-value LIFO method for Year 1, Year 2, and Year 3. Note: Round your answers to the nearest whole dollar.
Ending Inventory
Price
Ending Inventory
Inventory
Price
Ending Inventory
Date
(End of year prices)
Index
(Base year prices)
Layers
Index
(Dollar Value LIFO)
Year 1
$5,000
1.00
$5,000
$5,000
1.00
Answer
Year 2
Answer
Answer
Answer
Answer
1.00
Answer
Answer
1.10
Answer
Year 3
Answer
Answer
Answer
Answer
1.00
Answer
Answer
1.10
Answer
Answer
1.13
Answer
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