Calculate the inventory balance reported at december

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Question

Allen Lighting, Inc. manufactures one product (lampshades), comprising a single inventory pool. On December 31, 20X1, Allen Lighting adopted the dollar-value LIFO inventory method. The recorded inventory on December 31, 20X1 using the dollar-value LIFO inventory method was $180,000. December 31, 20X2 and subsequent inventory data follows:

YearInventory at current-year-end pricesPrice index (base year is 2005)20X2 $ 252,000 1.0520X3 $ 368,000 1.1520X4 $ 387,500 1.25

In the (MS Excel file), complete the table to calculate the inventory balance reported at December 31, 20X2, 20X3, and 20X4, using the dollar-value LIFO method at each date.

Reference no: EM132360088

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