1 answer

LEXIC submit 4 Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2021, when it...

Question:

LEXIC submit 4 Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2021, when it had an inventory of $710,000. Its inv

LEXIC submit 4 Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2021, when it had an inventory of $710,000. Its inventory as of December 31, 2021, was $793,800 at year-end costs and the cost index was 108. What was DVL inventory on December 31, 2021? 3 Multiple Choice points 01:59:23 O $737.000. O $766.800 $793,800 O $735.000 MC Gr HET Education < Prey 4 of 26 Next > <> ENG 4:42 AM 7/6/2020 Type here to search

Answers

Correct option is: A. $737,000
Workings:
Inventory as per dollar-value LIFO Method:
(a) Inventory as on December 31, 2021 = $                          7,93,800
(b) Price Index =                                       1.08
(a) / (b) Value at Base year = $                          7,35,000
Less: Base Inventory = $                          7,10,000
(c) Increase in terms of Price Index = $                              25,000
(d) Price Index =                                       1.08
(c) X (d) 2021 Layer = $ 27000
Add: Base Inventory = $                          7,10,000
Dollar-value LIFO Inventory = $                          7,37,000
.

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