Marigold Corp. uses dollar-value LIFO method of computing its inventory cost. Data for the past...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Marigold Corp. uses dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows: Year ended December 31 2019 2020 Inventory at End-of-year Prices $651000 1255000 1350250 Price Index 1.00 1.05 2021 1.10 What is the 2020 inventory balance using dollar-value LIFO? (Round intermediate calculations and final answer to 0 decimal places, e.g. 10,000.) $1252450. O $1222450. O $1280000. O $1255000 Vaughn Manufacturing adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1150000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date December 31, 2020 December 31, 2021 December 31, 2022 Inventory at Current Prices $1289000 1482000 Current Price Index 108 126 131 1624000 What is the cost of the ending inventory at December 31, 2020 under dollar- value LIFO? (Round intermediate calculations and final answer to 0 decimal places, e.g. 10,000.) O $1193519. $1197001. O $1242000. O $1289000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
