Question

Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Its inventory at that date was $550,000 and the relevant price index was 100. Information regarding inventory

asked Feb 3, 2021 147k views

Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Its inventory at that date was $550,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:

Date - Inventory at Current Price - Current Prices Index
31-Dec-14 - $642,000 - 107
31-Dec-15 - 725,000 - 125
31-Dec-16 - 812,500 - 130
1. What is the cost of ending inventory December 31, 2017 under Dollar-value LIFO method?
2. What is the cost of ending inventory December 31, 2018 under Dollar-value LIFO method?
3. What is the cost of ending inventory December 31, 2019 under Dollar-value LIFO method?

Chris Dellinger asked

by Chris Dellinger

6.0k points

1 Answer

Ask a Question

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

0 Comments

Please log in or register to add a comment.

Other Questions