AT&T; 9:38 PM 86%- edugen.wileyplus.com GCS Credit Uniorn WileyPLUS Home Read, S

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AT&T; 9:38 PM 86%- edugen.wileyplus.com GCS Credit Uniorn WileyPLUS Home Read, Study & Practice Gradebook ORION Downloadable eTextbook Assignment> Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Exercise 8-21 (Part Level Submission) The dollar-value LIFO method was adopted by Pharoah Corp, on January 1, 2017. Its inventory on that date was $178,500. On December 31, 2017, the inventory at prices existing on that date amounted to $156,800. The price level at January 1, 2017, was 100, and the price level at December 31, 2017, was 112 Graded 08-4 ?Exercise 8-22 2 Exercise 8-23 xercise 8-21 (Pa ? (a) Your answer is incorrect. Try again. Compute the amount of the inventory at December 31, 2017, under the dollar-value LIFO method. Inventory 12/31/17 under dollar-value LIFO method Click if you would like to Show Work for this question: Open Show Work Objective 354116 LINK TO TEXT Attempts: 3 of 12 used SAVE FOR LATER SUBMIT ANSWER The parts of this question must be completed in order. This part will be available when you complete the part above.

Explanation / Answer

Under LIFO units acquired last are sold first so ending inventory are left out of beginning inventory

Inventory 12/31/17 und dollar value LIFO method 140000

Year Ending Inventory at current cost Price Index Ending inventory at base year price Ending inventory left from beginning inventory Ending inventory at base year price left from current purchase Ending inventory 2017 156800 112 156800*100/112 = 140000 140000    [that is 140000 from 178500] 0 140000

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