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.
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: Use the dollar-value LIFO method to compute the ending inventory for James Company for 2016 through 2020. Find the LIFO reserve and LIFO effect for each year.
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