In: Accounting
Dent Company has the following inventory information:
Inventory at
Year year-end prices (FIFO) Price Index
2017(base) $180,000 1.00
2018 252,000 1.05
2019 368,000 1.15
2020 387,500 1.25
Instructions
Using the dollar-value LIFO method, compute the ending inventory value for each year.
SHOW ALL THE STEPS YOU USED TO ARRIVE AT THE FINAL ANSWER.
Answers:
2017 $_______________
2018 $_______________
2019 $_______________
2020 $_______________
Based on your answers from above, record the journal entry required to adjust the inventory to dollar-value LIFO for 2018 and 2019 only
Date |
Debit |
Credit |
|
2018 |
|||
2019 |
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