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Help! Please compute this inventory below using the LIFO method for measuring inventory to PART...

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Accounting

Help! Please compute this inventory below using the LIFO method for measuring inventory to PART 1, 2 and 3. Compute the Inventory value(Due at the end of unit 2) Best Value Hardware had the following inventory on hand at 12/31/16. BVH uses the LIFO method for measuring inventory.

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# Units | LIFO $Cost | FIFO $Cost | NRV 177,000$115,050 $125,050$150,450 250,000 $250,000 $275,000 $325,000 150,000$375,000 $395,000$337,500 175,000 $603,750 $633,750 $568,750 200,000$ Item Light bulbs Paint brushes Live plants Holiday items Hammers $550,000 $575,000 $600,000 00 $2,003,800 $1981700 Requirements in the provided Excel Template on the Inventory Worksheet Tab 1. 2. 3. Compute the value of the inventory using LIFO and GAAP Create the required journal entries regarding the value of the inventory Compute the value of the inventory using FIFO and IFRS. Discuss why the valuation and journal entries are different if computed under IFRS. 4

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