Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. abc corp. uses the dollar-value lifo method of com

ABC Corp. uses the dollar-value LIFO method of computing its inventory cost. Information for the...

70.2K

Verified Solution

Question

Accounting

ABC Corp. uses the dollar-value LIFO method of computing its inventory cost. Information for the past three years is presented below.

LIFO

Year ed Inventory at Price

December 31 End-of-year Prices Index

2017 $143,000 1.00

2018 277,200 1.05

2019 308,000 1.10

2020 312,000 1.20

What is the 2020 year-end inventory balance using dollar-value LIFO (do not type $) ?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

The rigid bar ABC shown in figure is hinged at A and supported by a...

Finance
1.2K views

Six years ago the Templeton Company issued 20-year bonds with a 13% annual coupon rate at...

Medical Sciences
1.2K views

actions of these muscles. Muscle                                        origin                                        insertion                      action Rectus femoris (one of quadriceps muscles) anterior inferior iliac spine and superior...

Psychology
1.2K views

Psychology is highly relevant to the study of law breaking, law enforcement, the penal system and...

Basic Math
1.2K views

Given all information from question 4,5,6. If Sony has 220 cards leftover in inventory at...

Calculus
1.2K views

s the eighth term of the recursively defined sequence 3 and an 3 1 3...

Accounting
1.2K views

Q2 How is relevant quantitative and qualitative information used in special order decisions? Explain and...

Accounting
1.2K views

Residual Income Washington Company has two divisions: the Adams Division and the Jefferson Division. The...

Accounting
1.2K views

The determination of cost behavior is called cost prediction

Accounting
1.2K views

A continuacin se presenta informacin relacionada con Whispering Company. Fecha Inventario final (Precios de fin...

Accounting
1.2K views

assets revenue. Problem 6(8 Points, 20 Minutes) Pesto Corporation ("Pesto") owns 100% of the shares...

Accounting
1.2K views

Wildhorse Company has the following inventory data: July 1 $ 760 Beginning inventory Purchases 7...