AT&T;? 9:39 PM 86%- CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exerc

Question

AT&T;? 9:39 PM 86%- CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 8-9 Graded 08-4 ?BriefExercise 8-8 Your answer is incorrect. Try again. Splish, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow Exercise 8-23 Year Ended Inventory at Current-Year Cost Price Index 2016 2017 2018 17,900 100 19,530 105 24,360 116 Review Results by Study Objective Compute the value of the 2017 and 2018 inventories using the dollar-value LIFO method 2017 2018 Inventory under LIFO 1660 Click if you would like to Show Work for this question LINK TO TEXT Question Attempts: 3 of 12 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

18600-17900

= 700

17900 from 2016 + [700*105/100]current year

17900 + 735

18635

24360*100/116

21000

21000-17900-700

2400

17900(from 2016)+(700*105/100)2017 +(2400*116/100)

17900+735+2784

21419

ending inventory

2017 : 18635

2018: 21419

year Inventory at current cost Price Index Inventory at base year price Inventory form base year Inventory from current cost at base year price Ending inventory 2017 19530 105 19530*100/105 = 18600 17900

18600-17900

= 700

17900 from 2016 + [700*105/100]current year

17900 + 735

18635

2018 24360 116

24360*100/116

21000

17900 (from 2016)+700 (from 2017)

21000-17900-700

2400

17900(from 2016)+(700*105/100)2017 +(2400*116/100)

17900+735+2784

21419

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