The dollar-value LIFO method was adopted by Stellar Corp. on January 1, 2017. It
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The dollar-value LIFO method was adopted by Stellar Corp. on January 1, 2017. Its inventory on that date was $413,600. On December 31, 2017, the inventory at prices existing on that date amounted to $392,000. The price level at January 1, 2017, was 100, and the price level at December 31, 2017, was 112.
The dollar-value LIFO method was adopted by Stellar Corp. on January 1, 2017. Its inventory on that date was $413,600. On December 31, 2017, the inventory at prices existing on that date amounted to $392,000. The price level at January 1, 2017, was 100, and the price level at December 31, 2017, was 112.
tps/ Kleso, Intermediate Accounting, 16e Exercise 8-21 The dolar-value LurO method was adosted by Steller Cerp on January 1, 2017, ts inventery on that dat was 9413 600 7 level at December 31, 2017, was 112 Compute the amount of the Inventery 12/31/17 nder dollar-value LIFO method t inventory at December 31, 2017, under the dolar-value LIFO method On December 31, 2018, the inventory at prices existing on that date was $430,215, and the price level was 135 Cote the ny on that dathLOtho Inventory 12/31/18 under dolar value LiFO method Click if you would like to Show Work for this geestion: Oeen Shom. will learn while you earn polets based on the Pint Potential Policy set by youExplanation / Answer
Compute the amount of the inventory at December 31, 2017, under the dollar-value LIFO method.
Inventory value on dec 31,2017 = 392000/1.12 = $350000
On December 31, 2018, the inventory at prices existing on that date was $430,215, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method.
Inventory value on dec 31,2018 = 430215/1.15 = 374100
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