Dollar-Value LIFO On December 31, 2018, Kern Company adopted the dollar-value LIFO inventory method. All...
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Dollar-Value LIFO On December 31, 2018, Kern Company adopted the dollar-value LIFO inventory method. All of Kern's inventories constitute a single pool. The inventory on December 31, 2018, using the dollar-value LIFO inventory method was $600,000. Inventory data for 2019 are as follows: Dec. 31, 2019 inventory at year-end prices $780,000 Relevant cost index at year-end (base year 2018) 120 Under the dollar-value LIFO inventory method, Kern's inventory method, Kern's inventory on December 31, 2019, would be: (Do not round your intermediate calculations.) a. $660,000 b. $655,000 c. $720,000 d. $650,000
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