6. Exhibit 7-5 Sullivan Produce Co. switched from FIFO to LIFO on January 1, 2015,...
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6. Exhibit 7-5 Sullivan Produce Co. switched from FIFO to LIFO on January 1, 2015, for external reporting and income tax purposes, while retaining FIFO for internal reports. On that date, the FIFO inventory equaled $360,000. The ensuing three-year period resulted in the following Inventory Cost Date December 31, 2015 December 31, 2016 December 31, 2017 Year-End Costs Index $438,000 1.05 460,000 1.15 520,000 1.25 Reper to Exhibit 7-5. The ending inventory at December 31, 2016, at base-year price is
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