On December 31, 2024, a company adopted the dollar-value LIFO inventory method. Inventory at the end of 2024 for its only inventory pool was $400,000 under the dollar-value LIFO method. At the end of 2025, inventory at year-end cost is $473,000 and the cost index is 110. At the end of 2026, inventory at year-end cost is $492.000 and the cost index is 1.20. Inventory at the end of 2026 at dollar-value LIFO cost is: Multiple Choice $410,000 $412,000 $400,000 $411.000
On December 31, 2024, a company adopted the dollar-value LIFO inventory method. Inventory at the end of 2024 for its only inventory pool was $400,000 under the dollar-value LIFO method. At the end of 2025, inventory at year-end cost is $473,000 and the cost index is 110. At the end of 2026, inventory at year-end cost is $492.000 and the cost index is 1.20. Inventory at the end of 2026 at dollar-value LIFO cost is: Multiple Choice $410,000 $412,000 $400,000 $411.000
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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![On December 31, 2024, a company adopted the dollar-value LIFO inventory method. Inventory at the end of 2024 for its only inventory pool was
$400,000 under the dollar-value LIFO method. At the end of 2025, inventory at year-end cost is $473,000 and the cost index is 110. At the end
of 2026, inventory at year-end cost is $492.000 and the cost index is 1.20. Inventory at the end of 2026 at dollar-value LIFO cost is:
Multiple Choice
$410,000
$412,000
$400,000
$411.000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3aee5f4-3513-4f47-9b3f-33eeb9b6ee1a%2F2cebfdf8-dd49-4b59-b0ba-30ec23cc4234%2Fvlre6mg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On December 31, 2024, a company adopted the dollar-value LIFO inventory method. Inventory at the end of 2024 for its only inventory pool was
$400,000 under the dollar-value LIFO method. At the end of 2025, inventory at year-end cost is $473,000 and the cost index is 110. At the end
of 2026, inventory at year-end cost is $492.000 and the cost index is 1.20. Inventory at the end of 2026 at dollar-value LIFO cost is:
Multiple Choice
$410,000
$412,000
$400,000
$411.000
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