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Compute the ending inventory for james company

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Reference no: EM132998829

The following information relates to James Company:

Date                                  Ending inventory (end-of year prices)                     Price Index

December 31, 2016                           $154,000                                                100

December 31, 2017                           $196,768                                                104

December 31, 2018                            $205,656                                               114

December 31, 2019                             $228,448                                              118

December 31, 2020                             $211,200                                              120

Instructions

Problem (a) Use the dollar-value LIFO method to compute the ending inventory for James Company for 2016 through 2020.

Problem (b) Find the LIFO reserve and LIFO effect for each year.

Problem (c) Prepare the necessary journal entries to record the LIFO effect in each period.

Reference no: EM132998829

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