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At what amount will One-Stop Shopping Mart report

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Reference no: EM132743226

Question - One-Stop Shopping Mart began business on January 1, 2018, and immediately began to use the Dollar-Value LIFO method to account for Inventory. The initial "current cost" of their Inventory was $ 800,000.

In order to implement the method, One-Stop decided a unique price index for purposes of measuring inflation. Since One-Stop created the index, they set the value @ 100 on January 1, 2018.

Various information for One-Stop Shopping is as follows:

 

Inventory @ "Current Cost"

Price Index

January 1, 2018

$800,000

100

December 31, 2018

990,000

110

December 31, 2019

1,104,000

115

Required -

A. At what amount will One-Stop Shopping Mart report their Ending Inventory on their December 31, 2018 Balance Sheet?

B. If One-Stop, during the year-ending December 31, 2019, had total Inventory purchases of $ 3,000,000, what is "Cost of Goods Sold" for the year ending December 31, 2019?

Reference no: EM132743226

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