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Calculate the ending inventory using dollar value lifo

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Problem - A wholly owned subsidiary of J & J Products implemented Dollar Value LIFO inventory valuation in 2010, when their ending inventory was $650,000. The following are the inventory amounts for an ingredient used in packaging for years 2011 - 2015. The price index has been increasing by 5% each year 2011 through 2015.

Inventory at

End of Year

Year Prices 2010 Price Index

2010 $650,000 100%

2011 $497,200 105%

2012 $595,800 110%

2013 $605,200 115%

2014 $656,500 120%

2015 $701,800 125%

Calculate the ending inventory for years 2011 - 2015 using Dollar Value LIFO.

Reference no: EM131572857

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