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Calculate ending inventory using the dollar value

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Question - XYZ Company adopted the dollar value LIFO inventory method on 1/1/15. The company's inventory on that date was $400,000, which is considered the base LIFO layer. Additional data about the company appear below.

Year December 31 inventory at end-of-year prices Price Index

1/1/2015 $400,000 100

12/31/2015 498,000 110

12/31/2016 516,000 121

Calculate ending inventory using the dollar value LIFO method at 12/31/16.

Reference no: EM132515499

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